SB 132 – Lowers the income tax rate

• Sponsor: Kraus
• LR Number: 0032S.01I
• Committee: Ways and Means
• Last Action: 1/11/2017 - Second Read and Referred S Ways and Means Committee
• Journal Page: S107
• Effective Date: August 28, 2017

Current Bill Summary

SB 132 - Currently, the top rate of tax on personal income is being reduced over a period of years. Each year that a general revenue growth trigger is met, the top rate will be reduced by 0.1%. The top rate will continue to be reduced until the it is lowered from 6% to 5.5%. This act increases the amount by which the top rate will be reduced. Each year the trigger is met, the top rate will be reduced by 0.2%. The top rate will continue to be reduced until it is lowered to 5%.

This act is identical to provisions in SB 574 (2016) and SB 4 (2015).

JOSHUA NORBERG