Introduced
by
To reduce the state income tax from 4.25 percent to 4.20 percent as of Oct. 1, 2015. This describes the bill as introduced, before this provision was replace by those described in the Senate-passed version.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Passed in the Senate 27 to 11 (details)
To earmark $350 million from state income tax collections to road funding in the next fiscal year, and $700 million in subsequent years. The bill would also place in statute a scheme to potentially roll back future income tax rates if the amount of revenue deposited into the general fund in a given year grew faster than inflation.<br>Note that the legislature controls the level of these deposits, and can reduce them by redirecting revenue elsewhere, or depositing money into the state rainy day fund. So even if overall state tax collections do increase more than inflation, income tax rate reductions would essentially be at the discretion of each legislature, as under current law..
Referred to the Committee on Roads and Economic Development
Substitute offered
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The substitute passed by voice vote
Amendment offered
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The amendment failed by voice vote
Amendment offered
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The amendment failed by voice vote
Passed in the House 61 to 45 (details)
To potentially roll back future income tax rates if the amount of revenue deposited into the state "general fund" in a given year grows faster than inflation, starting in 2019. Note that the legislature controls the level of these deposits, and can reduce them by redirecting revenue elsewhere, or depositing money into the state rainy day fund. Therefore, any future income tax rate reductions would essentially be at the discretion of each legislature, as under current law.
Substitute offered
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To adopt a version of the bill that moves back any potential income tax cut until 2023, and requires even higher growth in state tax collections before this could happen.
The substitute passed by voice vote
Passed in the Senate 28 to 10 (details)
To potentially roll back future income tax rates if the amount of revenue deposited into the state "general fund" in a given year grows at least 1.425 times faster than inflation - but not until 2023. Note that the legislature ultimately controls these deposits, and how much is deposited into the state rainy day fund. Therefore, any future income tax rate reductions would essentially be at the discretion of each legislature, as under current law.
Amendment offered
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To also require "the outstanding debt of this state" to go down before permitting income tax rates to be reduced.
The amendment failed by voice vote
Amendment offered
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To tie-bar the bill to House Joint Resolution K, meaning this bill cannot become law unless that proposed constitutional amendment is placed on the ballot by a two-third vote in the House and Senate. HJR K would repeal an existing prohibition on imposing a graduated state income tax.
The amendment failed by voice vote
Passed in the House 61 to 46 (details)
To concur with the Senate-passed version of the bill, which moves back any potential income tax cut until 2023, and requires even higher growth in state tax collections before this could happen.
