SB 667 - Onder, Bob
Increases the amount of the personal income tax cut and the business income deduction in current law
Bill Details
Sponsor
Onder, Bob
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