DIGEST OF INTRODUCED BILL
State income tax rate adjustment. Provides for a biennial reduction of 0.1% 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 3.1%. Provides that the minimum rate is 2.9% for persons and 6% for corporations. Requires the budget agency to make the determination before September 1of each even-numbered year and for the rate reduction to take effect for taxable years beginning in the immediately following odd- numbered year. Requires the department of state revenue to publish a statement of the rates in the Indiana Register and on the department's web site and make the statement available for public inspection and copying.