Introduced
To postpone the Jan. 1, 2004 one-tenth percent income tax cut for as long as the balance in the Budget Stabilization Fund (BSF, or "rainy day fund") remains below $250 million. The bill would leave the tax at 4.0 percent, rather than cutting it to 3.9 percent on Jan. 1, 2004 as is required under current statute.
Referred to the Committee on Finance
Referred to the Committee on Government Operations and Reform
Reported without amendment
With the recommendation that the substitute (S-3) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one which increases from 3.9 percent to 4.00 percent the state income tax rate for the period Jan. 1, 2004 until July 1, 2004. After July 1, the rate will drop to 3.9 percent. Under current law, the rate would drop from 4.0 percent to 3.9 percent on Jan. 1, 2004. The subsitutute also tie-bars the bill to Senate Bill 672 and 673, which eliminate 40 percent of the Single Business Tax businesses pay on their employee health insurance costs. Those bills must therefore become law in order for this one to become law.
The substitute passed by voice vote
Passed in the Senate 24 to 14 (details)
To increase from 3.9 percent to 4.00 percent the state income tax rate for the period Jan. 1, 2004 until July 1, 2004. After July 1, the rate will drop to 3.9 percent. Under current law, the rate is 3.9 percent beginning Jan. 1, 2004. The bill is tie-barred to Senate Bills 672 and 673, which eliminate 40 percent of the Single Business Tax businesses pay on their employee health insurance costs. See also House Bill 4367 and Senate Bill 556.
Referred to the Committee on Tax Policy
Failed in the House 45 to 61 (details)
Received
Passed in the House 64 to 46 (details)
To increase from 3.9 percent to 4.00 percent the state income tax rate for the period Jan. 1, 2004 until July 1, 2004. After July 1, the rate will drop to 3.9 percent. Under current law, the rate is 3.9 percent beginning Jan. 1, 2004. The bill is tie-barred to Senate Bills 672 and 673, which eliminate half of the Single Business Tax businesses pay on their employee health insurance costs. See also House Bill 4367 and Senate Bill 556.
