HB1831 Reduces corporate income tax rate to five and one-half percent and raises caps on deductibility of federal tax liability.
Sponsor: Levin, David (82) Effective Date:00/00/0000
CoSponsor: Pouche, Fred (30) LR Number: 4012L.01I
Last Action: 02/10/2000 - Referred: Ways and Means (H)
HB1831
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Summaries for HB1831 Copyright(c)
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Available Bill Text for HB1831
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BILL SUMMARIES

INTRODUCED

HB 1831 -- Income Tax:  Federal Income Tax Deduction/Corporate
Tax Rate

Co-Sponsors:  Levin, Pouche, Gross, Hendrickson

This bill decreases the state corporate income tax rate
beginning September 1, 2000, from 6.25% to 5.5%.  The bill also
increases the state corporate federal income tax deduction,
beginning September 1, 2000, from 50% of the amount of federal
income taxes paid to 75% of the taxes paid.

In addition, the bill increases the state individual income tax
deduction for federal income taxes paid from $5,000 for single
taxpayers and $10,000 for married taxpayers to $10,000 and
$15,000, respectively.  This provision will take effect January
1, 2000.

The bill requires that any reduction in revenues as the result
of these tax changes not result in a reduction in appropriations
for education.


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