Signed by Governor Spencer Cox

Vote Smart's Synopsis:

Vote to adopt a conference report and pass a bill that reduces state income tax rate from 4.85 to 4.65 percent.

Highlights:

• Amends corporate franchise and income tax rates by reducing state income tax rate from 4.85% to 4.65% (Sec. 1).

• Amends the taxpayer tax credit by adding an additional personal exemption in the year of a qualifying dependent’s birth (Sec. 4).

• Expands eligibility for the social security benefits tax credit by increasing the thresholds for the income-based phaeout (Sec. 5).

• Amends the calculation of the earned income tax credit (Sec. 6).

• Repeals the state sales and use tax imposed on amounts paid or charged for food and food ingredients (Sec. 6).

• Specifies that this bill takes effect after voter ratification of S.J.R. 10  (Sec. 12).

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that reduces state income tax rate from 4.85 to 4.65 percent.

Highlights:

• Amends corporate franchise and income tax rates by reducing state income tax rate from 4.85% to 4.65% (Sec. 1).

• Amends the taxpayer tax credit by adding an additional personal exemption in the year of a qualifying dependent’s birth (Sec. 4).

• Expands eligibility for the social security benefits tax credit by increasing the thresholds for the income-based phaeout (Sec. 5).

• Amends the calculation of the earned income tax credit (Sec. 6).

• Repeals the state sales and use tax imposed on amounts paid or charged for food and food ingredients (Sec. 6).

• Specifies that this bill takes effect after voter ratification of S.J.R. 10  (Sec. 12).

Full Bill Text