Vetoed by Governor Steve Bullock

Vote Smart's Synopsis:

Vote to pass a bill that restructures income tax brackets, beginning January 1, 2016.

Highlights:

• Restructures the income tax brackets as follows (Sec. 1):

• 0.9 % on the first $3,000 of taxable income;

• 1.9 % on the next $3,000 of taxable income;

• 2.8 % on the next $3,000 of taxable income;

• 3.8 % on the next $2,500 of taxable income;

• 4.8 % on the next $3,000 of taxable income;

• 5.8 % on the next $3,500 of taxable income; and

• 6.7 % on taxable income in excess of $18,000.

• Requires the Department of Revenue to adjust the tax bracket income amounts each year using the 2016 consumer price index (Sec. 1).

• Authorizes tax credit in an amount equal to 1.9% of a taxpayer’s net capital gains, as shown on their income tax return, but the credit must not exceed their income tax liability (Sec. 2).

Full Bill Text