SB20-020
Reduce The State Income Tax Rate
| Type | Bill |
|---|---|
| Session | 2020 Regular Session |
| Subjects |
Concerning a reduction of the state income tax rate.
Bill Summary:
For income tax years commencing on and after January 1, 2020, the bill:
- Reduces both the individual and the corporate state income tax rate from 4.63% to 4.49%; and
- Reduces the state alternative minimum tax by 0.14%.
(Note: This summary applies to this bill as introduced.)
Committees
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 01/08/2020 | Introduced |
| Activity | Vote | Documents |
|---|---|---|
| Refer Senate Bill 20-020 to the Committee on Finance. | The motion failed on a vote of 2-3. | Vote summary |
| Postpone Senate Bill 20-020 indefinitely using a reversal of the previous roll call. There was no objection to the use of the reverse roll call, therefore, the bill was postponed indefinitely. | The motion passed on a vote of 3-2. | Vote summary |
| Date | Location | Action |
|---|---|---|
| 01/22/2020 | Senate | Senate Committee on State, Veterans, & Military Affairs Postpone Indefinitely |
| 01/08/2020 | Senate | Introduced In Senate - Assigned to State, Veterans, & Military Affairs |