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 the budget agency determines that year- over-year revenue from the adjusted gross income tax exceeds certain amounts. Provides that the minimum rate is 2.9% (3.4% for 2011 and 2012) for persons and 8% (8.5% for 2011 and 2012) 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 for taxable years beginning in the immediately following odd-numbered year.