Text: SF00171                           Text: SF00173
Text: SF00100 - SF00199                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

Senate File 172

Partial Bill History

• Bill Introduced: S.J. 336
• Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.5, subsection 1, paragraphs a
  1  2 through i, Code 1999, are amended to read as follows:
  1  3    a.  On all taxable income from zero through one thousand
  1  4 dollars, thirty-six thirty-four hundredths of one percent.
  1  5    b.  On all taxable income exceeding one thousand dollars
  1  6 but not exceeding two thousand dollars, seventy-two sixty-
  1  7 eight hundredths of one percent.
  1  8    c.  On all taxable income exceeding two thousand dollars
  1  9 but not exceeding four thousand dollars, two and forty-three
  1 10 thirty-one hundredths percent.
  1 11    d.  On all taxable income exceeding four thousand dollars
  1 12 but not exceeding nine thousand dollars, four and one-half
  1 13 twenty-eight hundredths percent.
  1 14    e.  On all taxable income exceeding nine thousand dollars
  1 15 but not exceeding fifteen thousand dollars, six five and
  1 16 twelve eighty-one hundredths percent.
  1 17    f.  On all taxable income exceeding fifteen thousand
  1 18 dollars but not exceeding twenty thousand dollars, six and
  1 19 forty-eight sixteen hundredths percent.
  1 20    g.  On all taxable income exceeding twenty thousand dollars
  1 21 but not exceeding thirty thousand dollars, six and eight-
  1 22 tenths forty-six hundredths percent.
  1 23    h.  On all taxable income exceeding thirty thousand dollars
  1 24 but not exceeding forty-five thousand dollars, seven and
  1 25 ninety-two fifty-two hundredths percent.
  1 26    i.  On all taxable income exceeding forty-five thousand
  1 27 dollars, eight and ninety-eight fifty-three hundredths
  1 28 percent.
  1 29    Sec. 2.  RETROACTIVE APPLICABILITY.  This Act applies
  1 30 retroactively to January 1, 1999, for tax years beginning on
  1 31 or after that date.  
  1 32                           EXPLANATION
  1 33    The bill reduces the individual income tax rates by 5
  1 34 percent.  The lowest and highest rates under current law are
  1 35 .36 percent and 8.98 percent, respectively.  The bill reduces
  2  1 these rates to .34 percent and 8.53 percent, respectively.
  2  2 The rate of the state alternative minimum tax is also
  2  3 effectively reduced by the reduction in rates since the
  2  4 alternative rate is set at 75 percent of the highest
  2  5 individual rate, rounded to the nearest one-tenth of 1
  2  6 percent.  Thus, this rate is reduced from 6.7 percent to 6.4
  2  7 percent.
  2  8    The bill applies retroactively to January 1, 1999, for tax
  2  9 years beginning on or after that date.  
  2 10 LSB 2336XS 78
  2 11 mg/sc/14
     

Text: SF00171                           Text: SF00173
Text: SF00100 - SF00199                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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