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2016 SESSION

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SB 512 Income tax, state; lowers rate of taxation for each income bracket.

Introduced by: Glen H. Sturtevant, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Individual income tax; rate of taxation. Lowers the rate of taxation for each income bracket by one-quarter percent each year for four years beginning in taxable year 2017. For taxable years beginning on and after January 1, 2020, income will be taxed as follows: (i) one percent for income not exceeding $3,000, (ii) two percent for income in excess of $3,000, but not in excess of $5,000, (iii) four percent for income in excess of $5,000, but not in excess of $17,000, and (iv) 4.75 percent for income in excess of $17,000.

FULL TEXT

• 01/12/16  Senate: Prefiled and ordered printed; offered 01/13/16 16103898D  pdf | impact statement

HISTORY

• 01/12/16  Senate: Prefiled and ordered printed; offered 01/13/16 16103898D
• 01/12/16  Senate: Referred to Committee on Finance
• 02/09/16  Senate: Passed by indefinitely in Finance (11-Y 4-N)