HB 694 Summary

• Moves the sunset date for temporary income tax increases from December 31, 2015 to December 31, 2014, repealing the higher rates one year earlier than originally scheduled.

• Reinstates income tax rates for joint filers, heads of household, and single taxpayers to the rates in effect before Act 60, SLH 2009 took effect, effective January 1, 2015.

• Adds new blank income tax rate tables for taxable years beginning after December 31, 2014 (specific rates and brackets left unfilled in the bill text).

• Takes effect January 1, 2030, but preserves amendments made by this Act to tax rates sections even if those sections are technically reenacted.