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2017 Session

Budget Amendments - SB900 (Member Request)

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Chief Patron: Sturtevant
Reduction of Individual Income Tax Rate (language only)

Item 0 #9s

Item 0 #9s

Revenues
Revenues

Language

Page 1, strike lines 44 through 45, and insert:                                      

                

                

"Official Revenue Estimates    

$18,902,391,274

$19,633,121,954

$38,535,513,228

$18,557,385,985

$18,708,521,677

$37,265,907,662"

Page 2, strike lines 1 through 2, and insert:                                                        

                

                

"Appropriation                          

$20,426,382,313

$20,229,404,911

$40,655,787,224

$20,183,840,254

$19,718,395,210

$39,902,235,464"



Explanation

(This amendment accompanies Senate Bill 788 which proposes reducing the rate of taxation for individual incomes one-quarter percent each year for four years beginning in taxable year 2018. This amendment assumes a GF revenue reduction of $450 million in FY 2018, staff's estimate of the revenue impact the first FY that the new, lower rate would be in effect. The estimate is based on a fiscal impact statement prepared for similar legislation that was proposed in 2016. The actual revenue impact is to be determined.)