SB 0944 Increases sales tax by one quarter percent and puts a surcharge on corporate income to fund education
Sponsor:Goode Co-Sponsor(s)
LR Number:3951S.03I Fiscal Note:3951-03
Last Action:02/20/02 - Hearing Conducted S Education Committee Journal page:
Effective Date:Contingent
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Current Bill Summary

SB 944 - This act increases the state sales tax by one quarter of one percent. The tax due by a corporation is increased by adding an additional twenty percent charge to the amount owed by a corporation.

The provisions of this act have effect for nine fiscal quarters, beginning on October 1, 2002.

All revenue generated by the act will fund the foundation formula.

This act has a referendum clause and a sunset provision.