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2004 SESSION

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HB 859 Tax reform; changes in provisions for income tax, sales and use tax and corporate tax.

Introduced by: Vivian E. Watts | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Taxation; reform package. Makes several changes to the state tax code as follows: (i) increases the income tax personal exemption amount from $800 to $2,500, (ii) increases the income tax standard deduction amount to $3,500 for singles and married filing separately and to $7,000 for married filing jointly, (iii) adds and expands the income tax rates, with a top rate of seven and one-half percent on income greater than $100,000, (iv) eliminates the low-income tax credit and the age deduction; (v) provides an income tax credit for sales taxes paid that is income-based; (vi) eliminates the sales tax on food and expands the sales tax to include consumer services; and (vii) tightens certain corporate income tax provisions, and increases the rate from six percent to seven and one-half percent.

FULL TEXT

• 01/14/04  House: Presented & ordered printed, prefiled 01/14/04 042562500  pdf

HISTORY

• 01/14/04  House: Presented & ordered printed, prefiled 01/14/04 042562500
• 01/14/04  House: Referred to Committee on Finance
• 01/15/04  House: Assigned to Finance sub-committee: 2
• 01/21/04  House: Stricken from docket by Finance (21-Y 0-N)