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Senate Bill 0246


Senate Bill 0246

ARCHIVE (2010)

Latest Information

 

DIGEST OF INTRODUCED BILL


Income tax rate adjustment. Provides for a biennial reduction in the state adjusted gross income tax rate on residents, nonresidents, and corporations if year-over-year revenue from the adjusted gross income tax exceeds certain amounts. Provides that the minimum rate is 2.9% (3.4% for 2010) for persons and 8% (8.5% for 2010) for corporations. Requires the budget agency to make the determination before July 1 of each even-numbered year and for the rate reduction to take effect in taxable years beginning in the immediately following odd-numbered year.
    Current Status:
     In Committee - first House
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