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2018 SESSION

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SB 390 Taxation; makes numerous changes to the Commonwealth's tax structure.

Introduced by: David W. Marsden | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Taxation in the Commonwealth. Makes numerous changes to the Commonwealth's tax structure. The bill creates two new income brackets for the calculation of individual income taxes and lowers the corporate income tax rate. The tax credit for low-income taxpayers would become refundable, and taxpayers would be prohibited from using the same donation to both receive certain tax credits and take a charitable deduction. The bill reinstates the estate tax. The state sales tax on food would be eliminated, and sales tax would be imposed on certain services and digital products. The transient occupancy tax would be imposed on the entire cost of the use or possession of the room. The tobacco tax would be raised.


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