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ID H0311
Bill
Status
3/30/2015
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
HB 311 Summary
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Increases motor fuel tax from 25¢ to 32¢ per gallon effective October 1, 2015, with a floor stock tax imposed on motor fuel in inventory when the rate changes.
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Establishes new income tax rate of 6.7% for taxable income over $4,000 for tax years beginning January 1, 2015, and repeals the grocery tax credit (food tax credit) effective retroactively to January 1, 2015.
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Creates sales and use tax exemption for food sold for human consumption, defined according to federal SNAP (Supplemental Nutrition Assistance Program) standards, effective November 1, 2015.
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Distributes $5 million from income tax revenues on October 1, 2015, to offset revenue loss from the repealed food tax credit, with $3 million to state highway account and $2 million to local distributions.
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Modifies distribution of motor fuel and special fuel tax revenues, with 7¢ of the new 7¢ increase directed to highway distribution (60% state highway account, 40% local distribution), effective October 1, 2015.
Legislative Description
Amends, repeals and adds to existing law to revise the tax imposed on motor fuel and to provide for floor stock tax provisions; to establish provisions concerning the distribution of revenues from tax on motor fuel; to establish provisions concerning the distribution of revenues from tax on special fuels; to revise income tax rates; to provide a sales and use tax exemption for the purchase of food; and to establish additional provisions concerning the revenue sharing account.
TAXATION
Last Action
Recommitted to Transportation
3/31/2015