Title: Reduces Income Taxes for State Residents from 5.49% to 5.39%.
Vote to pass a bill that reduces income taxes for state residents from 5.49 to 5.39%.
Establishes a 5.39% for taxable years beginning on or after January 1, 2024, considering that rates shall be reduced by 0.10% annually until the rate reaches 4.99% (Sec. 1).
Authorizes Each prospective annual reduction in tax rates shall be delayed by one year for each year that the following occur (Sec. 1).
The estimated Governor’s revenue for the succeeding year is not at least 3% above the Governor’s revenue for the present year;
The prior year's net revenue collection is not higher than each of the preceding year's tax revenue collections;
The Revenue Shortfall Reserve does not contain a sum that exceeds the amount of the decrease in state revenue that is projected.
Prohibits the aforementioned from being applicable after the final reduction to the rate of 4.99% occurs (Sec. 1).
Establishes that the act shall be authorized on July 1, 2024, and applies to all taxable years beginning on January 1, 2024 (Sec. 2).
Title: Reduces Income Taxes for State Residents from 5.49% to 5.39%.
Title: Reduces Income Taxes for State Residents from 5.49% to 5.39%.
Establishes a 5.39% for taxable years beginning on or after January 1, 2024, considering that rates shall be reduced by 0.10% annually until the rate reaches 4.99% (Sec. 1).
Authorizes Each prospective annual reduction in tax rates shall be delayed by one year for each year that the following occur (Sec. 1).
The estimated Governor’s revenue for the succeeding year is not at least 3% above the Governor’s revenue for the present year;
The prior year's net revenue collection is not higher than each of the preceding year's tax revenue collections;
The Revenue Shortfall Reserve does not contain a sum that exceeds the amount of the decrease in state revenue that is projected.
Prohibits the aforementioned from being applicable after the final reduction to the rate of 4.99% occurs (Sec. 1).
Establishes that the act shall be authorized on July 1, 2024, and applies to all taxable years beginning on January 1, 2024 (Sec. 2).