Vote to pass a bill that reduces the state income tax rate.
Highlights:
Establishes that the Department of Revenue shall collect an income surtax at a rate which is the percentage of the amount generated by each surtax imposed by the school district in 2011, as follows (Sec. 1):
For 2012, 125 percent;
For 2013, 115 percent;
For 2014, 110 percent;
For 2015, 105 percent; and
For 2016, the amount shall be the total generated per surtax imposed by the school district in 2011.
Specifies the tax rate on taxable income for all 9 tax brackets as follows (Sec. 2):
0.28 percent on income from $0 to $1,000;
0.57 percent on income from $1,000 to $2,000;
1.94 percent on income from $2,000 to $4,000;
3.6 percent on income from $4,000 to $9,000;
4.89 percent on income from $9,000 to $15,000;
5.18 percent on income from $15,000 to $20,000;
5.44 percent on income from $20,000 to $30,000;
6.33 percent on income from $30,000 to $45,000; and