This bill modifies the income tax rate.
This bill:
- defines terms;
- provides for a reduction of the income tax rate when the actual state revenue exceeds the forecast revenue;
- provides a formula and process for calculating a reduction of the income tax rate;
- requires the State Tax Commission to annually publish the income tax rate;
- changes the mineral production tax withholding rate; and
- makes technical and conforming changes.

Statutes affected:
Substitute #1: 59-1-101, 59-6-102, 59-7-104, 59-7-201, 59-7-610, 59-10-104, 59-10-116, 59-10-201, 59-10-205, 59-10-1007, 59-10-1017, 59-10-1022, 59-10-1023, 59-10-1028, 59-10-1035, 59-10-1036, 59-10-1042, 59-10-1043, 59-10-1403.2, 59-10-1403.3, 63I-1-259
Introduced: 59-1-101, 59-6-102, 59-7-104, 59-7-201, 59-7-610, 59-10-104, 59-10-116, 59-10-201, 59-10-205, 59-10-1007, 59-10-1017, 59-10-1022, 59-10-1023, 59-10-1028, 59-10-1035, 59-10-1036, 59-10-1042, 59-10-1043, 59-10-1403.2, 59-10-1403.3, 63I-1-259