Introduced
by
To suspend a gradual phase out of the 2007 state income tax increase, which under current law is scheduled to begin on Oct. 1, 2011. Under the bill, a one-tenth percent tax rate decrease scheduled for that day, and three subsequent annual cuts, would not go into effect unless there was $200 million in the “rainy day” fund. There has not been more than a few million in this fund for at least five years.
Referred to the Committee on Tax Policy
