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| SPONSOR: | Heaton | DATE TYPED: | 01/23/01 | HB | 123 | ||
| SHORT TITLE: | Adjust and Index Tax Bracket Amounts | SB | |||||
| ANALYST: | Williams | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY01 | FY02 | |||
| $ (38,000.0) | $ (48,300.0) | Recurring | General Fund | |
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
LFC Files
Taxation and Revenue Department
SUMMARY
Synopsis of Bill
This bill would reduce net personal income tax collections. In Section 1, the bill authorizes adjustments in the personal income tax brackets for tax year 2001. A summary of these changes is shown on the attached table. In Section 2, the bill authorizes indexing the tax rate tables for inflation using the consumer price index beginning in tax year 2002.
Significant Issues
The bill would not change personal income tax rates.
FISCAL IMPLICATIONS
According to TRD, recurring revenue loss is estimated at $38,000.0 in FY02, $48,300.0 in FY03 and $60,400.0 in FY04. The package would escalate substantially over time.
ADMINISTRATIVE IMPLICATIONS
TRD anticipates minimal administrative impacts.
AW/njw:lrs