|
SB 188 - This act modifies several provisions relating to taxation. HIGHER EDUCATION ENDOWMENT TAX For all tax years beginning on or after January 1, 2020, this act imposes a tax on the endowments of nonpublic higher education institutions at a rate of 1.9% of the aggregate fair market value of the assets of such endowments. The tax shall apply to the endowments, as defined in the act, of nonpublic higher education institutions that have an enrollment of at least 10,000 students in the preceding taxable year and an endowment with total assets of at least $40,000 per student. All revenues generated by the endowment tax shall be deposited in the General Revenue Fund. (Section 146.200) INDIVIDUAL INCOME TAX Current law provides for a reduction in the top rate of income tax over a period of years from 6% to 5.5%, with each cut becoming effective if net general revenue collections meet a certain trigger, with an additional reduction in the top rate of tax of 0.4% to take effect in the 2019 calendar year. For all tax years beginning on or after January 1, 2020, this act further reduces the top rate of tax by 0.2%, with an eventual top rate of tax of 4.9%.(Section 143.011) JOSHUA NORBERG
|
