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Session 122 - (2017-2018)Printer Friendly
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S 0813 General Bill, By Hembree
Similar (S 0054, S 0384, S 0600, H 3516)
Summary: Income tax rates
A BILL TO AMEND SECTION 12-6-510 OF THE 1976 CODE, RELATING TO PERSONAL INCOME TAX RATES, TO REDUCE THE NUMBER OF TAX BRACKETS FROM FIVE BRACKETS TO THREE, INCLUDING A THREE PERCENT BRACKET, A FIVE PERCENT BRACKET, AND A SEVEN PERCENT BRACKET, TO PROVIDE THAT THE NEW BRACKETS ARE EFFECTIVE FOR TAX YEAR 2019 AND SUCCEEDING YEARS, AND TO PROVIDE FOR A FIVE YEAR PHASE IN OF EXPANDED INCOME RANGES WITHIN EACH BRACKET BEGINNING WITH TAX YEAR 2019; AND TO AMEND SECTION 12-6-520, RELATING TO ANNUAL INFLATION ADJUSTMENTS TO INDIVIDUAL STATE INCOME TAX BRACKETS, TO CONFORM WITH THE NEW BRACKETS AND INCOME RANGES WITHIN THE BRACKETS.
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Similar (S 0054, S 0384, S 0600, H 3516)
Summary: Income tax rates
A BILL TO AMEND SECTION 12-6-510 OF THE 1976 CODE, RELATING TO PERSONAL INCOME TAX RATES, TO REDUCE THE NUMBER OF TAX BRACKETS FROM FIVE BRACKETS TO THREE, INCLUDING A THREE PERCENT BRACKET, A FIVE PERCENT BRACKET, AND A SEVEN PERCENT BRACKET, TO PROVIDE THAT THE NEW BRACKETS ARE EFFECTIVE FOR TAX YEAR 2019 AND SUCCEEDING YEARS, AND TO PROVIDE FOR A FIVE YEAR PHASE IN OF EXPANDED INCOME RANGES WITHIN EACH BRACKET BEGINNING WITH TAX YEAR 2019; AND TO AMEND SECTION 12-6-520, RELATING TO ANNUAL INFLATION ADJUSTMENTS TO INDIVIDUAL STATE INCOME TAX BRACKETS, TO CONFORM WITH THE NEW BRACKETS AND INCOME RANGES WITHIN THE BRACKETS.
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| 12/06/17 | Senate | Prefiled |
| 12/06/17 | Senate | Referred to Committee on Finance |
| 01/09/18 | Senate | Introduced and read first time (Senate Journal-page 66) |
| 01/09/18 | Senate | Referred to Committee on Finance (Senate Journal-page 66) |