Vote Smart's Synopsis:

Vote to pass a bill that reduces individual and corporation income tax rates for a given fiscal year, beginning with 2011, in which the percentage of decrease in taxes is equal to the percentage of growth in the selected actual state general fund receipts for the previous year.

Highlights:

• Defines "selected actual state general fund receipts" as receipts from the following taxes and fees (Sec. 1):
  
  • Individual and corporation income taxes;
  • Financial institutions privilege taxes;
  • Retail sales taxes;
  • Compensating use taxes;
  • Cigarette and tobacco product taxes;
  • Cereal malt beverage and liquor gallonage taxes;
  • Liquor enforcement taxes;
  • Liquor drink taxes;
  • Corporation franchise taxes;
  • Annual franchise fees; and
  • Mineral severance taxes.

• Specifies that the corporation normal income tax may not be reduced to less than 3.5 percent of the taxable income of a corporation (Sec. 1).

• Prohibits the secretary of revenue from making any adjustments to the individual and corporation income tax rates following a reduction by the percentage equal to the percentage increase in revenues in a fiscal year for the remainder of such year (Sec. 1).

Full Bill Text