Income tax, state; rate of taxation. (SB788)

Introduced By

Sen. Glen Sturtevant (R-Midlothian) with support from co-patron Sen. Amanda Chase (R-Midlothian)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Individual income tax; rate of taxation. Lowers the rate of taxation for each income bracket by one-quarter percent each year for four years beginning in taxable year 2018. For taxable years beginning on and after January 1, 2021, income will be taxed as follows: (i) one percent on income not exceeding $3,000, (ii) two percent on income in excess of $3,000 but not in excess of $5,000, (iii) four percent on income in excess of $5,000 but not in excess of $17,000, and (iv) 4.75 percent on income in excess of $17,000. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
08/22/2016Prefiled and ordered printed; offered 01/11/17 17100191D
08/22/2016Referred to Committee on Finance
01/17/2017Impact statement from TAX (SB788)
01/24/2017Passed by indefinitely in Finance (15-Y 1-N) (see vote tally)