Danny Hamrick voted Yea (Passage) on this Legislation.
Title: Reduces Personal Income Tax Rates
Vote to pass a bill that reduces personal income tax rates.
Establishes personal income tax rates for individuals (except married individuals filing separate returns) filing joint returns, heads of households, estates, and trusts (Page 3):
Income under $10,000: 2.0% of taxable income;
$10,000-25,000: $200 plus 3.7% of excess over $10,000;
$25,000-40,000: $755 plus 4.2% of excess over $25,000;
$40,000-60,000: $1,385 plus 5.5% of excess over $40,000;
Over $60,000: $2,485 plus 5.98% of excess over $60,000.
Establishes personal income tax rates for spouses filing separate returns (Page 4):
Income under $5,000: 2.0% of taxable income;
$5,000-12,500: $100 plus 3.7% of excess over $5,000;
$12,500-20,000: $377.50 plus 4.2% of excess over $12,500;
$20,000-30,000: $692.50 plus 5.5% of excess over $20,000;
Over $30,000: $1,242.50 plus 5.98% of excess over $30,000.
Specifies that provisions apply retroactively to taxable years beginning on, after January 1, 2022 (Page 4).
Title: Reduces Personal Income Tax Rates