IN SB0011 | 2011 | Regular Session
Status
Spectrum: Partisan Bill (Republican 3-0)
Status: Introduced on January 5 2011 - 25% progression, died in committee
Action: 2011-01-05 - Senator Hershman added as third author
Pending: Senate Tax and Fiscal Policy Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 5 2011 - 25% progression, died in committee
Action: 2011-01-05 - Senator Hershman added as third author
Pending: Senate Tax and Fiscal Policy Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Provides for a biennial reduction in the state adjusted gross income tax rate on residents, nonresidents, and corporations if the budget agency determines that year- over-year revenue from the adjusted gross income tax exceeds certain amounts. Provides that the minimum rate is 2.9% (3.4% for 2011 and 2012) for persons and 8% (8.5% for 2011 and 2012) for corporations. Requires the budget agency to make the determination before July 1 of each even-numbered year and for the rate reduction to take effect for taxable years beginning in the immediately following odd-numbered year.
Title
Income tax rate adjustment.
Sponsors
History
Date | Chamber | Action |
---|---|---|
2011-01-05 | Senator Hershman added as third author | |
2011-01-05 | Senator Walker added as second author | |
2011-01-05 | First reading: referred to Committee on Tax and Fiscal Policy | |
2011-01-05 | Authored by Senator Buck |
Indiana State Sources
Type | Source |
---|---|
Summary | http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2011&session=1&request=getBill&doctype=SB&docno=0011 |
Text | http://www.in.gov/legislative/bills/2011/IN/IN0011.1.html |