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OK SB133
Bill
Status
2/7/2011
Primary Sponsor
Richard Lerblance
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AI Summary
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Deletes the contingent 5.25% top marginal income tax rate that was previously set to take effect in 2009, maintaining the 5.50% rate for 2008 and subsequent years for individuals.
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Establishes a series of declining income tax rates for tax years 2012-2015, gradually reducing from 4.5% to 1.5% for single filers and from 4.5% to 1.5% for joint filers on income above specified thresholds.
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Eliminates all individual income tax (no tax imposed) beginning January 1, 2016 for resident and nonresident individuals.
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Repeals Section 2355.1A, which previously required the State Board of Equalization to determine conditions for the contingent tax rate decrease.
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Effective date is November 1, 2011.
Legislative Description
Income tax; deleting contingent change in tax rate; modifying percentage of income tax levied during specified time periods; repealing contingent change in tax rate and related duties of State Board of Equalization. Effective date.
Revenue and Taxation
Last Action
Second Reading referred to Finance
2/8/2011