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ID H0522
Bill
Status
2/18/2014
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Reduces individual income tax rates by 0.1% annually beginning in tax year 2015 until the highest rate reaches 6.8% (down from 7.4%)
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Reduces corporate income tax rates by 0.1% annually beginning in tax year 2015 until the rate reaches 6.8% (down from 7.4%)
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Suspends future rate adjustments for tax years after 2015 unless state controller certifies that general fund receipts exceeded the previous fiscal year by more than 3%
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Requires state controller to notify the state tax commission annually regarding whether general fund growth rate meets the 3% threshold to permit rate reductions
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Becomes effective January 1, 2015
Legislative Description
Amends existing law to provide for an income tax rate reduction, to provide for cancellation of a future rate adjustment and to provide for a procedure when a rate adjustment shall not occur; and to provide for cancellation of a future adjustment.
INCOME TAX
Last Action
Reported Printed and Referred to Revenue & Taxation
2/19/2014