Introduced Senate Bill (S)

Authored by

DIGEST

Corporate income tax rates. Provides that the income tax rate phase-down for corporations under current law shall not apply to a corporation that employs one or more employees during the taxable year at an hourly rate that is less than a living wage. Defines "living wage" as an hourly rate that if paid to a full-time employee would be sufficient to exceed the maximum income limits applicable to the employee for any of the following public assistance: (1) Temporary Assistance for Needy Families program (TANF). (2) Medicaid assistance. (3) Food stamp assistance under federal law. (4) The federal Special Supplemental Corporate income tax rates. Provides that the income tax rate phase-down for corporations under current law shall not apply to a corporation that employs one or more employees during the taxable year at an hourly rate that is less than a living wage. Defines "living wage" as an hourly rate that if paid to a full-time employee would be sufficient to exceed the maximum income limits applicable to the employee for any of the following public assistance: (1) Temporary Assistance for Needy Families program (TANF). (2) Medicaid assistance. (3) Food stamp assistance under federal law. (4) The federal Special Supplemental Nutrition Program for Women, Infants, and Children (WIC). ... View more