RELATING TO REVENUE GENERATION.
Summary
Increases the personal income tax rate and implements a rate recapture mechanism that phases out lower tax brackets for high earners for taxable years beginning after 12/31/2020. Increases the tax on capital gains. Increases the corporate income tax and establishes a single corporate income tax rate. From 7/1/2021 through 6/30/23, temporarily repeals certain general excise tax exemptions. Increases conveyance taxes for the sale of properties valued at $1,000,000 or greater.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2021
Committee Review
Floor Vote
Governor
Introduced Jan 20, 2021
Last action Feb 2, 2021
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
4
Key actions
0
Committee
2
Feb 2, 2021
Committee
Re-referred to ECD, HSG, FIN, referral sheet 4
lower
Jan 27, 2021
Committee
Referred to FIN, referral sheet 1
lower
Jan 21, 2021
Introduced
Introduced and Pass First Reading.
lower
Jan 20, 2021
Introduced
Pending introduction.
lower
7 primary · 0 co-sponsors
Sponsors
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