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2017 SESSION

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SB 788 Income tax, state; rate of taxation.

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 2018. For taxable years beginning on and after January 1, 2021, income will be taxed as follows: (i) one percent on income not exceeding $3,000, (ii) two percent on income in excess of $3,000 but not in excess of $5,000, (iii) four percent on income in excess of $5,000 but not in excess of $17,000, and (iv) 4.75 percent on income in excess of $17,000.


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