Signed by Governor Butch Otter

Vote Smart's Synopsis:

Vote to pass a bill that amends various provisions of tax law.

Highlights:

• Amends the rate of individual income tax as follows (Sec. 4):

• For taxable income of less than $1000, 1.125 percent;

• For taxable income of $1000-2000, $11.25 plus 3.125 percent of the amount over $1000;

• For taxable income of $2000-3000, $42.50 plus 3.625 percent of the amount over $2000;

• For taxable income of $3000-4000, $78.75 plus 4.625 percent of the amount over $3000;

• For taxable income of $4000-5000, $125 plus 5.625 percent of the amount over $4000;

• For taxable income of $5000-7500, $181.25 plus 6.625 percent of the amount over $5000; and

• For taxable income of more than $7500, $346.88 plus 6.925 percent of the amount over $7500.

• Decreases the rate of corporate income tax from 7.46 percent to 6.925 percent of taxable income (Sec. 5).

• Authorizes a child tax credit of $130 per dependant child (Sec. 6).

• Specifies that in cases of divorced parents, a child is the qualifying child of the custodial parent if such child lives with that parent for more than half of the calendar year (Sec. 6).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends various provisions of tax law.

Highlights:

• Amends the rate of individual income tax as follows (Sec. 4):

• For taxable income of less than $1000, 1.125 percent;

• For taxable income of $1000-2000, $11.25 plus 3.125 percent of the amount over $1000;

• For taxable income of $2000-3000, $42.50 plus 3.625 percent of the amount over $2000;

• For taxable income of $3000-4000, $78.75 plus 4.625 percent of the amount over $3000;

• For taxable income of $4000-5000, $125 plus 5.625 percent of the amount over $4000;

• For taxable income of $5000-7500, $181.25 plus 6.625 percent of the amount over $5000; and

• For taxable income of more than $7500, $346.88 plus 6.925 percent of the amount over $7500.

• Decreases the rate of corporate income tax from 7.46 percent to 6.925 percent of taxable income (Sec. 5).

• Authorizes a child tax credit of $130 per dependant child (Sec. 6).

• Specifies that in cases of divorced parents, a child is the qualifying child of the custodial parent if such child lives with that parent for more than half of the calendar year (Sec. 6).

Full Bill Text