Provide for an excise tax on individual incomes and create the Tax Equity Cash Fund

This bill proposes creating a new excise tax on individual incomes starting in 2025, which would apply only to earnings exceeding $1 million for single filers or $2 million for married couples. The tax rate is set at 9.5% minus the existing income tax rate already paid on that high income, meaning the additional charge is based on the gap between the current tax and a 9.5% rate. Revenue collected from this tax would be placed in a new account called the Tax Equity Cash Fund, which the Department of Revenue could use for its own administrative costs. Any remaining money in the fund could be transferred to the state's general budget, education fund, or property tax credit fund with legislative approval. The legislation was indefinitely postponed in August 2024 and did not become law.