Vote Smart's Synopsis:

Vote to pass a bill that restructures the tax brackets and tax rates so as to provide for a reduction for all domestic and foreign corporations operating in the state for taxable years beginning after December 31, 2008.

Highlights:

- Restructures the tax brackets and tax rates for all domestic and foreign corporations operating in the state as follows (Sec. 1):

- Existing law:
- 2.6 percent of income not over $3,000; - 4.1 percent of income over $3,000 but not over $8,000; - 5.6 percent of income over $8,000 but not over $20,000; - 6.4 percent of income over $20,00 but not over $30,000; and - 6.5 percent of income over $30,000.
- New law:
- 2 percent of income not over $25,000; - 5 percent of income income over $25,000 but not over $50,000; and - 6.1 percent of income over $50,000.

Full Bill Text