SB 667 - Onder, Bob
Increases the amount of the personal income tax cut and the business income deduction in current law
Bill Details
Sponsor
LR Number
4790S.01I
Title
SB 667
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2018
Committee
Current Status
Bill Combined w/(SCS SBS 617, 611 & 667)
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 667 - Currently, the top rate of tax on personal income is being reduced over a period of years. Each year that a general revenue growth trigger is met, the top rate will be reduced by 0.1%, and the top rate will continue to be reduced until the it is lowered from 6% to 5.5%. This act increases the amount in which the top rate will be reduced. Each year the trigger is met, the top rate will be reduced by 0.2%. The top rate will continue to be reduced until it is lowered to 5%.
Currently, a business income deduction is being phased in over a period of years. Each year that a general revenue growth trigger is met, the deduction amount is increased by 5%. Once fully phased in, individual taxpayers may deduct up to 25% of their business income. This act increases the amount that may be deducted. Each year that the trigger is met, the deduction amount will be increased by 10%. Once fully phased in, individual taxpayers may deduct up to 50% of their business income.
This act is identical to SB 574 (2016) and SB 4 (2015).
JOSHUA NORBERG