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ID H0561
Bill
Status
2/20/2018
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Automatically reduces individual income tax rates in each bracket by 0.1% (one-tenth of one percent) when general fund receipts exceed the previous fiscal year by 6% or more, effective January 1 following the revenue growth year.
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Automatically reduces corporate income tax rates by 0.1% under the same revenue growth trigger, effective January 1 following the year of revenue growth.
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Tax rate reductions apply cumulatively for multiple years of qualifying revenue growth, but the highest income bracket rate cannot fall below 6% and the corporate rate cannot fall below 6%.
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Either house of the legislature can block an automatic tax rate reduction by adopting a concurrent resolution requesting the governor issue an executive order preventing the reduction from taking effect.
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Becomes effective July 1, 2019.
Legislative Description
Amends existing law to to provide for an automatic reduction in individual and corporate income tax rates upon the occurrence of certain revenue growth.
INCOME TAXES
Last Action
Introduced, read first time; referred to: Local Government & Taxation
2/21/2018