Vote Smart's Synopsis:

Vote to pass a bill that reduces state income taxes by 10 percent.

Highlights:

- Reduces the income tax rate by 10 percent beginning July 1, 2008 for the following (Sec. 1):

- Single persons whose taxable income does not exceed $7,000; - Married persons filing a separate return whose taxable income does not exceed $5,000; - Persons filing as the head of household whose taxable income does not exceed $10,000; and - Married persons filling a joint return whose taxable income does not exceed $10,000.

- Gradually reduces the income tax by 10 percent over the course of five years for the following (Sec. 1):

- Single persons whose taxable income exceeds $7,000; - Married persons filing a separate return whose taxable income exceeds $5,000; - Persons filing as the head of household whose taxable income exceeds $10,000; and - Married persons filling a joint return whose taxable income exceeds $10,000.

- Approves an additional $5 million to extend tax credits for telework employers until 2012, originally scheduled to expire in 2010 (Secs. 2 - 3). - This is a substitute bill sponsored by the Senate Finance Committee. - Amendment 18 1462, sponsored by Senator Chip Rogers, removed the changes made by the House amendment (AM 18 1453) and restored the original text of the substitute bill.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that reduces state income taxes by 10 percent, provided that the Property Tax Reform Amendment (HR 1246) is ratified by popular vote in the November, 2008 general election.

Highlights:

- Reduces the income tax rate by 10 percent beginning July 1, 2011 for the following (Sec. 1):

- Single persons whose taxable income does not exceed $7,000; - Married persons filing a separate return whose taxable income does not exceed $5,000; - Persons filing as the head of household whose taxable income does not exceed $10,000; and - Married persons filling a joint return whose taxable income does not exceed $10,000.

- Gradually reduces the income tax by 10 percent over the course of five years beginning July 1, 2011 for the following (Sec. 1):

- Single persons whose taxable income exceeds $7,000; - Married persons filing a separate return whose taxable income exceeds $5,000; - Persons filing as the head of household whose taxable income exceeds $10,000; and - Married persons filling a joint return whose taxable income exceeds $10,000.

- Repeals the income tax reductions if the Property Tax Reform Amendment (HR 1246), a constitutional amendment that provides for comprehensive ad valorem tax reform, is not ratified by popular vote in the November, 2008 general election (Sec. 5). - Approves an additional $5 million to extend tax credits for telework employers until 2012, originally scheduled to expire in 2010 (Secs. 2-3). - This is a substitute bill sponsored by the Senate Finance Committee. - Amendment 18 1453, sponsored by Representatives Charles Martin Jr. and Glenn Richardson, postponed the income tax reductions until 2011, and made them contingent upon the passage of the Property Tax Reform Amendment.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that reduces state income taxes by 10 percent.

Highlights:

- Reduces the income tax rate by 10 percent beginning July 1, 2008 for the following (Sec. 1):

- Single persons whose taxable income does not exceed $7,000; - Married persons filing a separate return whose taxable income does not exceed $5,000; - Persons filing as the head of household whose taxable income does not exceed $10,000; and - Married persons filling a joint return whose taxable income does not exceed $10,000.

- Gradually reduces the income tax by 10 percent over the course of five years for the following (Sec. 1):

- Single persons whose taxable income exceeds $7,000; - Married persons filing a separate return whose taxable income exceeds $5,000; - Persons filing as the head of household whose taxable income exceeds $10,000; and - Married persons filling a joint return whose taxable income exceeds $10,000.

- Approves an additional $5 million to extend tax credits for telework employers until 2012, originally scheduled to expire in 2010 (Secs. 2 - 3). - This is a substitute bill sponsored by the Senate Finance Committee.

Full Bill Text