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ID H0557
Bill
Status
2/13/2018
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Exempts food for human consumption from sales and use taxes, defining eligible food products as those eligible for federal SNAP benefits, excluding restaurant sales (effective July 1, 2018)
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Reduces individual income tax rates effective January 1, 2018, with the top marginal rate decreasing from 7.4% to 6.9% and lower brackets also reduced
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Reduces corporate income tax rate from 7.4% to 5% effective January 1, 2018
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Repeals the income tax credit for capital investments (section 63-3029B) and related food tax credit provisions, eliminating carryover credits as of January 1, 2018
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Modifies sales tax distribution formula by increasing the revenue sharing percentage from 11.5% to 13.2% for cities, counties, and special districts, effective July 1, 2018
Legislative Description
Repeals, adds to and amends existing law to repeal the grocery tax credit and related informational statutes, enact a sales tax exemption for food, reduce individual and corporate income tax rates, revise the sales tax distribution formula and repeal the income tax credit for capital investment.
TAXES
Last Action
Reported Printed and Referred to Revenue & Taxation
2/14/2018