Vote Smart's Synopsis:

Vote on a motion to approve consideration after the 57th calendar day of a bill that repeals personal and corporate income taxes over a 10-year period.

Highlights:

• Reduces the personal and corporate state income tax by 10 percent of the overall tax rate every year beginning in 2013 (Sec.1).

• Prohibits any tax from being assessed, levied, collected, or paid upon the income of an individual or corporation for any tax year beginning on or after January 1, 2022 (Sec. 1).

• Requires the Governor and the Commissioner of administration to provide a written report to the Joint Legislative Committee on the Budget and to each member of the legislature of possible budget reduction actions to be taken including, but not limited to, the following (Sec. 1):
• Requiring only 1 manager for every 10 state employee positions or more;
• Renegotiating the state's consulting contracts to require a 5 percent reduction in costs;
• Proposing legislation to reduce state-funded emergency room visits for non-emergencies by 25 percent;
• Requiring the review of all Medicaid-funded hospitalizations for medical necessity;
• Revising the state Medicaid pharmaceutical drug list to include the most effective drug list to include the most effective drugs at the lowest cost;    
• Reducing administration costs of the state Medicaid program by 10 percent;
• Proposing legislation to place all higher education institutions except for community colleges under the jurisdiction of the board of regents;
• Proposing legislation to competitively bid state contracts for maintenance of state-owned computer hardware and software; and
• Any other budget reduction actions proposed by the governor or the commissioner.

• Establishes the State Commission on Revenues and Expenditures, which is required to develop a plan for the reduction and eventual elimination of the state personal and corporate income taxes and recommendations on actions to be taken to maintain a balanced budget including the replacement of lost revenues due to the elimination of income taxes (Sec. 2).

• Specifies that Section 1 of this Act goes into effect upon the adoption of a concurrent resolution pursuant to Section 2 of this Act (Sec. 3).

Full Bill Text