SPONSOR: Schroer
Currently, the top rate of income tax is 5.4% and may be reduced to 5.1% by a series of tax cuts of .1% over a period of years with only one reduction occurring per year. A tax reduction at the top rate occurs if the amount of net general revenue collected in the previous fiscal year exceeds the highest amount of net general revenue collected in any of the three fiscal years prior to such fiscal year by at least 150 million dollars.
This bill removes the restrictions on how many tax cuts can occur per year and lowers the limit of the tax cut rate, if net general revenue collections meet the current trigger.
Statutes affected: