SB 892
Modifies provisions relating to taxation
Sponsor:
LR Number:
4183S.01I
Committee:
Last Action:
4/28/2022 - Voted Do Pass S Ways and Means Committee
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2022

Current Bill Summary

SB 892 - This act modifies several provisions relating to taxation.

INDIVIDUAL INCOME TAX

For all tax years beginning on or after January 1, 2023, this act reduces the top rate of tax by 0.17%. Such reduction in the top rate of tax shall only occur if one or more institutions is subject to the tax on the endowments of higher education institutions imposed under this act. (Section 143.011)

HIGHER EDUCATION ENDOWMENT TAX

For all tax years beginning on or after January 1, 2023, this act imposes a tax on the endowments of qualifying institutions of higher education 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 higher education institutions that 1) are affiliated with, or provide medical faculty to, any abortion facility, 2) offer specific medical residencies or fellowships that offer training in performing or inducing abortions, or 3) support in any manner any abortion facility where abortions are performed or induced when not necessary to save the life of the mother. Any institution that becomes a qualifying institution of higher education on or after January 1, 2023, shall remain subject to the tax imposed by the act regardless of whether such institution no longer meets the definition of qualifying institution of higher education as defined in the act.

All revenues generated by the endowment tax shall be deposited in the General Revenue Fund. (Section 146.200)

This act is identical to HB 1874 (2022), SB 451 (2021), and HB 302 (2021), and is substantially similar to SCS/SB 574 (2020) and SCS/SB 188 (2019).

JOSH NORBERG

Amendments

No Amendments Found.