SB 711
Modifies provisions relating to the individual income tax
Sponsor:
LR Number:
3950S.01I
Committee:
Last Action:
1/19/2010 - Second Read and Referred S Ways and Means Committee
Journal Page:
Title:
Calendar Position:
Effective Date:
Upon Voter Approval

Current Bill Summary

SB 711 - 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.

The act contains a referendum clause.

The act is similar to Senate Bill 300 (2009).

JASON ZAMKUS

Amendments