Proposed Bill No. 5673 Summary

• Establish a 5% surcharge on capital gains and dividend/interest income for high-income taxpayers meeting the highest marginal tax rate threshold

• Impose a 10% tax on annual gross revenues from digital advertising services for businesses exceeding $10 billion in revenue

• Expand earned income tax credit to 41.5% of federal credit, create refundable $500 child tax credit (up to 3 children), and increase property tax credit to $600 with refundability for individuals over 65 years old

• Increase corporation business tax rate to 11.5%, extend and increase corporation business tax surcharge to 20%, and establish additional personal income tax marginal rates of 9.55%, 10.25%, and 10.65% for income over $1 million, $10 million, and $25 million respectively

• Hire 50 additional revenue auditors and 45 additional wage enforcement agents to increase tax collection and wage theft investigations, and require tax gap and incidence reporting to the legislature