SB 300 Modifies provisions relating to the individual income tax
Sponsor: Bray
LR Number: 1557L.01I Fiscal Note: 1557-01
Committee: Ways and Means
Last Action: 2/5/2009 - Second Read and Referred S Ways and Means Committee Journal Page: S261
Title: Calendar Position:
Effective Date: upon voter approval

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Current Bill Summary

SB 300 - This act modifies state income tax rates, increases the highest effective tax rate from six percent to nine percent, and disallows the deduction for federal income taxes paid by individual taxpayers. The act creates a refundable state income tax credit which will be available to all single resident taxpayers and married resident taxpayers filing separate with adjusted gross income less than fifty thousand dollars and all married or head of household resident taxpayers with adjusted gross income less than eighty thousand dollars. The amount of credit will depend upon the taxpayer's filing status and income.

This act contains a referendum clause.