Vote Smart's Synopsis:

Vote to pass a bill that increases the state income tax rate for certain taxpayers.

Highlights:

• Increases state income tax rates for individuals as follows (Sec. 1):
• From 4.75 percent to 4.9 percent for taxpayers with a state taxable income of $3,001 through $25,000;
• From 4.75 percent to 4.95 percent for taxpayers with a state taxable income of $25,001 through $75,000;
• From 4.75 percent to 5 percent for taxpayers with a state taxable income of $75,001 through $150,000;
• From 5 percent to 5.25 percent for taxpayers with a state taxable income of $150,001 through $300,000;
• From 5.25 percent to 5.5 percent for taxpayers with a state taxable income of $300,001 through $500,000; and
• From 5.5 percent to 5.75 percent for taxpayers with a state taxable income of $500,000 through $1 million.

• Increases state income tax rates for married individuals filing jointly as follows (Sec. 1):
• From 4.75 percent to 4.9 percent for taxpayers with a state taxable income of $3,001 through $50,000;
• From 4.75 percent to 4.95 percent for taxpayers with a state taxable income of $50,001 through $100,000;
• From 4.75 percent to 5 percent for taxpayers with a state taxable income of $100,001 through $200,000;
• From 5 percent to 5.25 percent for taxpayers with a state taxable income of $200,001 through $350,000;
• From 5.25 percent to 5.5 percent for taxpayers with a state taxable income of $350,001 through $500,000; and
• From 5.5 percent to 5.75 percent for taxpayers with a state taxable income of $500,000 through $1 million.

• Reduces the state income tax rate for taxpayers with a state taxable income of $1 million or more from 6.25 percent to 5.75 percent for both individual taxpayers and married taxpayers filing jointly (Sec. 1).

Full Bill Text