Introduced
by
To move up the date of the annual .1 percent cut in the income tax rate (which is required under a law passed in 1999, taking the rate from 4.4 percent to 3.9 percent over five years), from Jan. 1 to Oct. 1 of the preceding year, which is the start of the state’s fiscal year. The bill would move the Jan.1, 2002 tax cut to Oct. 1, 2001, cutting the tax to 4.1 percent as of that date. The tax cuts scheduled for Jan. 1, 2003 and Jan. 1, 2004 would similarly be moved to Oct. 1 of the preceding year.
Referred to the Committee on Finance
