Senate Bill 525
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).
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