Chas Vincent voted Yea (Passage) on this Legislation.
Title: Restructures Income Tax Brackets
Title: Restructures Income Tax Brackets
Vote to pass a bill that restructures income tax brackets, beginning January 1, 2016.
Restructures the income tax brackets as follows (Sec. 1):
0.9 % on the first $3,000 of taxable income;
1.9 % on the next $3,000 of taxable income;
2.8 % on the next $3,000 of taxable income;
3.8 % on the next $2,500 of taxable income;
4.8 % on the next $3,000 of taxable income;
5.8 % on the next $3,500 of taxable income; and
6.7 % on taxable income in excess of $18,000.
Requires the Department of Revenue to adjust the tax bracket income amounts each year using the 2016 consumer price index (Sec. 1).
Authorizes tax credit in an amount equal to 1.9% of a taxpayer’s net capital gains, as shown on their income tax return, but the credit must not exceed their income tax liability (Sec. 2).
Title: Restructures Income Tax Brackets