H676 Tax Reduction Act of 2019 - Summary

• Increases standard deductions for personal income tax effective January 1, 2021 (married filing jointly from $20,000 to $20,750; head of household from $15,000 to $15,563; single filers from $10,000 to $10,375)

• Reduces franchise tax rates for corporations in phases: C Corporations from $1.50 to $1.30 per $1,000 of tax base starting January 1, 2020, and to $1.00 per $1,000 starting January 1, 2021

• Requires marketplace facilitators with over $100,000 in annual sales or 200+ transactions to collect and remit sales and use tax on marketplace facilitated sales, effective September 1, 2019

• Implements market-based sourcing for corporate income tax apportionment for broadcasters and banks, with separate rules for determining receipts and tax liability starting January 1, 2020

• Provides tax relief for out-of-state businesses and employees performing disaster-related work on critical infrastructure during declared disasters, exempting them from franchise tax, income tax, workers' compensation, and other requirements