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ID H0548
Bill
Status
3/3/2014
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Reduces individual income tax rates by one-tenth (1/10) of one percentage point 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 rate by one-tenth (1/10) of one percentage point annually beginning in tax year 2015 until the rate reaches 6.8%, down from 7.4%
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Suspends automatic tax rate reductions for years after 2015 unless the state controller certifies that general fund receipts for the prior fiscal year exceeded the previous year's receipts by more than 3%
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Requires the state controller to notify the state tax commission whether general fund receipts met the 3% growth threshold to trigger the following year's rate reduction
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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
Introduced, read first time; referred to: Local Government & Taxation
3/4/2014