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House Bill 1088


House Bill 1088

ARCHIVE (2012)

Latest Information

 

DIGEST OF INTRODUCED BILL


County and municipal income taxes. Allows a county to use an additional county adjusted gross income tax rate or county option income tax rate to reduce all property tax levies imposed by the county by granting property tax replacement credits against those property tax levies to all taxpayers. Allows a municipality to adopt a municipal income tax if the municipality is located in such a county. Requires an adopting municipality to provide property tax relief for property owners in the municipality by freezing the levy or providing general property tax replacement credits, homestead credits, or local property tax replacement credits for residential property, or any combination of the permitted forms of relief. Provides that the maximum municipal option income tax rate is the rate specified for the reduction of the county levies. Provides that the combined municipal and county rates may not exceed 1%. Requires the department of state revenue to include on the adjusted gross income tax return a requirement that the taxpayer identify the city or town, if any, where the taxpayer's principal place of residence is located.
Current Status:
 In Committee - first House
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