SJR 57 – Limits the amount of tax credits that may be issued in a fiscal year to $200 million and reduces the rate of tax on income

• Sponsor: Lager
• LR Number: 6119S.03I
• Committee: Ways and Means
• Last Action: 3/26/2014 - Second Read and Referred S Ways and Means Committee
• Journal Page: S624
• Effective Date: Upon voter approval

Current Bill Summary

SJR 57 - This constitutional amendment, if approved by the voters, will limit the amount of tax credits that may be issued or authorized after July 1, 2015, to $200 million per fiscal year. The Department of Revenue is required to determine the amount of tax credits redeemed in excess of $200 million dollars for fiscal year 2014. The Department is then required to determine what amount of reduction in the rate of tax on individual income in fiscal year 2014 would have resulted in the same amount. The rate of tax on individual income will be reduced to such rate for all tax years beginning on or after January 1, 2016.

MIKE HAMMANN