SB 313
Reduces the top rate of income tax
Sponsor:
LR Number:
1526S.02I
Committee:
Last Action:
5/6/2021 - Informal Calendar S Bills for Perfection
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2021

Current Bill Summary

SB 313 - Beginning with the 2021 calendar year, this act provides that the top rate of income tax may be reduced in 0.1% increments. A reduction shall only occur if net general revenue collections in the previous fiscal year exceed baseline net general revenue collections, which shall be $10.3 billion, increased by $100 million for each reduction made pursuant to the act. An additional reduction of 0.1% shall be made for every $100 million of net general revenue collections that is in excess of baseline net general revenue collections during a fiscal year, and more than one reduction may be made during a calendar year.

JOSH NORBERG

Amendments

No Amendments Found.