SB1673 Summary

• Amends the income tax rate reduction law to modify the State Board of Equalization's determination process for implementing a 5.25% top marginal income tax rate.

• Changes the meeting requirement from December 2008 to subsequent February meetings for the Board to evaluate revenue growth and tax impacts.

• Modifies the baseline calculation method to use actual fiscal year 2008 General Revenue Fund data adjusted for inflation using the Consumer Price Index, replacing the previous standard deduction impact methodology.

• Removes the preliminary December meeting finding requirement and consolidates the evaluation to a single February meeting process that repeats every two years as needed.

• Effective January 1, 2011.