Title: Amends Tax Law
Signed by Governor Butch Otter
Title: Amends Tax Law
Vote to pass a bill that amends various provisions of tax law.
Amends the rate of individual income tax as follows (Sec. 4):
For taxable income of less than $1000, 1.125 percent;
For taxable income of $1000-2000, $11.25 plus 3.125 percent of the amount over $1000;
For taxable income of $2000-3000, $42.50 plus 3.625 percent of the amount over $2000;
For taxable income of $3000-4000, $78.75 plus 4.625 percent of the amount over $3000;
For taxable income of $4000-5000, $125 plus 5.625 percent of the amount over $4000;
For taxable income of $5000-7500, $181.25 plus 6.625 percent of the amount over $5000; and
For taxable income of more than $7500, $346.88 plus 6.925 percent of the amount over $7500.
Decreases the rate of corporate income tax from 7.46 percent to 6.925 percent of taxable income (Sec. 5).
Authorizes a child tax credit of $130 per dependant child (Sec. 6).
Specifies that in cases of divorced parents, a child is the qualifying child of the custodial parent if such child lives with that parent for more than half of the calendar year (Sec. 6).
Title: Amends Tax Law
Vote to pass a bill that amends various provisions of tax law.
Amends the rate of individual income tax as follows (Sec. 4):
For taxable income of less than $1000, 1.125 percent;
For taxable income of $1000-2000, $11.25 plus 3.125 percent of the amount over $1000;
For taxable income of $2000-3000, $42.50 plus 3.625 percent of the amount over $2000;
For taxable income of $3000-4000, $78.75 plus 4.625 percent of the amount over $3000;
For taxable income of $4000-5000, $125 plus 5.625 percent of the amount over $4000;
For taxable income of $5000-7500, $181.25 plus 6.625 percent of the amount over $5000; and
For taxable income of more than $7500, $346.88 plus 6.925 percent of the amount over $7500.
Decreases the rate of corporate income tax from 7.46 percent to 6.925 percent of taxable income (Sec. 5).
Authorizes a child tax credit of $130 per dependant child (Sec. 6).
Specifies that in cases of divorced parents, a child is the qualifying child of the custodial parent if such child lives with that parent for more than half of the calendar year (Sec. 6).
Title: Amends Tax Law