Title: Amends Individual Income Tax Brackets
Title: Amends Individual Income Tax Brackets
Vote to pass a bill that amends the state individual tax rate brackets.
Establishes the following deductions for the time between December 31, 1999 and January 1, 2020 (Sec. 1):
For individuals:
$7,200 for an adjusted gross income less than $10,380; and
$7,200 minus 12 percent of the excess over $10,380 when the adjusted gross income is at least $10,380.
For heads of the household:
$9,300 for an adjusted gross income less than $10,380; and
$9,300 minus 22.515 percent of the excess over $10,380 when the adjusted gross income is at least $10,380.
For a married couples filing jointly:
$12,970 for an aggregated adjusted gross income less than $14,570; and
$12,970 minus 19.778 percent of the excess over $14,570 when the aggregated adjusted gross income is at least $14,570.
For married individuals filing separately:
$6,160 for an adjusted income less than $6,920; and
$6,160 minus 19.778 percent of the excess over $6,920 when the adjusted gross income is at least $6,920.
Establishes the following deductions for the time between December 15, 2015 and January 1, 2020 (Sec. 2):
For married couples filing jointly:
$19,010 for an aggregated adjusted gross income less than $21,360; and
$19,010 minus 19.778 percent of the excess over $21,360 when the aggregated adjusted gross income is at least $21,360.
For married individuals filing separately:
$9,030 for an adjusted gross income less than $10,140; and
$9,030 minus 19.778 percent of the excess over $10,140 when the adjusted gross income is at least $10,140.
Establishes the following deductions starting December 31, 2019 (Sec. 3):
For individuals:
$13,360 for an adjusted gross income less than $18,790; and
$13,360 minus 12.3 percent of the excess over $18,790 when the adjusted gross income is at least $18,790.
For heads of the household:
$17,260 for an adjusted gross income less than $18,790; and
$17,260 minus 21.952 percent of the excess over $18,790 when the adjusted gross income is at least $18,790.
For married couples filing jointly:
$24,740 for an aggregated adjusted gross income less than $27,120; and
$24,740 minus 19.284 percent of the excess over $27,120 when the aggregated gross income is at least $27,120.
For married individuals filing separately:
$11,750 for an adjusted gross income less than $12,880; and
$11,750 minus 19.284 percent of the excess over $12,880 when the aggregated gross income is at least $12,880.
Title: Amends Individual Income Tax Brackets
Title: Amends Individual Income Tax Brackets