Introduced House Bill (H) 1
Authored by: Rep. Timothy Wesco
Circuit breaker CAGIT and LOIT options. Authorizes an additional tax rate under the county adjusted gross income tax (CAGIT) or the county option income tax (LOIT) to offset up to 75% of circuit breaker losses sustained by the political subdivisions in a county for five years. Provides that the tax rate may not exceed 1%. Provides that the additional rate may not be imposed at the same time that an additional rate is imposed to freeze the property tax levy or for property tax relief. Provides that an additional tax rate may be extended for an additional five year period or reimposed following the expiration of ... the additional rate.