SJR 50
Modifies provisions relating to taxation
Sponsor:
LR Number:
4145S.01I
Last Action:
2/19/2024 - SCS Voted Do Pass S Economic Development and Tax Policy Committee (4145S.02C)
Journal Page:
Title:
Effective Date:
Upon Voter Approval

Current Bill Summary

SCS/SJR 50 - This constitutional amendment, if approved by the voters, prohibits the General Assembly from setting a state income tax rate exceeding 5.5%.

This amendment also modifies a provision prohibiting sales taxes levied on transactions not taxed as of January 1, 2015, by providing an exception for sales and use taxes on subscriptions, licenses for digital products, and online purchases of tangible personal property. Any new sales tax imposed by the state on or after January 1, 2025, pursuant to the exceptions provided in this amendment shall result a reduction in the top rate of the state income tax rate that results in a reduction in income tax revenue that is substantially equivalent to the revenue generated by such new sales tax.

This amendment also provides that no state or local sales or use taxes or any similar transaction-based tax shall be authorized on the provision of video service if the state, a franchise entity, or a political subdivision also imposes a franchise fee on the provider of such video service.

This constitutional amendment is substantially similar to SS/SJR 3 (2023), SS/SJR 33 (2022), SJR 4 (2021), SJR 40 (2020), and SCS/SJR 20 (2019).

JOSH NORBERG

Amendments

No Amendments Found.