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2004 SPECIAL SESSION I

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HB 5009 Tax reform; changes in person income, motor fuels, cigarette tax, motor vehicle licensing fees, etc.

Introduced by: J. Chapman Petersen | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Omnibus tax bill. Modifies several state taxes as follows: (i) increases the individual income tax personal exemption to $1,000; (ii) increases the individual income tax filing threshold to $7000 (single) and $14,000 (married); (iii) conforms the individual income tax to the federal Military Family Tax Relief Act; (iv) increases the motor fuels tax by six cents per gallon; (v) increases the state cigarette tax to 25 cents per pack; (vi) doubles the vehicle licensing fees; (vi) repeals certain commercial and industrial sales and use tax exemptions; and (vii) eliminates dedication of one-half cent of the state sales and use tax to the Transportation Trust Fund, by having it deposited into the general fund. Dedicates the additional revenues generated by the bill to the Transportation Trust Fund.


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