Download Zipped Introduced WordPerfect HB0323S02.ZIP
[Status][Bill Documents][Fiscal Note][Bills Directory]
Second Substitute H.B. 323
Senator Thomas V. Hatch proposes the following substitute bill:
1
INDIVIDUAL INCOME TAX RATE
2
REDUCTION
3
2006 GENERAL SESSION
4
STATE OF UTAH
5
Chief Sponsor: James A. Ferrin
6
Senate Sponsor:
Thomas V. Hatch
7
8
LONG TITLE
9
General Description:
10
This bill modifies tax rates under the Individual Income Tax Act.
11
Highlighted Provisions:
12
This bill:
13
. modifies tax rates under the Individual Income Tax Act; and
14
. makes technical changes.
15
Monies Appropriated in this Bill:
16
None
17
Other Special Clauses:
18
This bill takes effect for taxable years beginning on or after January 1, 2007.
19
Utah Code Sections Affected:
20
AMENDS:
21
59-10-104, as last amended by Chapters 323 and 324, Laws of Utah 2001
22
23
Be it enacted by the Legislature of the state of Utah:
24
Section 1.
Section
59-10-104
is amended to read:
25
59-10-104. Tax basis -- Rates -- Exemption.
26
(1) Except as provided in Subsection (4), for taxable years beginning on or after
27
January 1, [2001] 2007, a tax is imposed on the state taxable income, as defined in Section
28
59-10-112
, of every resident individual as provided in this section.
29
(2) For an individual, other than a husband and wife or head of household required to
30
use the tax table under Subsection (3), the tax under this section is imposed in accordance with
31
the following table:
32
If the state taxable income is: The tax is:
33
Less than or equal to $863 [2.3%] 2.21% of the state taxable income
34
Greater than $863 but less than or equal [$20] $19, plus [3.3%] 3.17% of state
35
to $1,726 taxable income greater than $863
36
Greater than $1,726 but less than or equal [$48] $46, plus [4.2%] 4.03% of state
37
to $2,588 taxable income greater than $1,726
38
Greater than $2,588 but less than or equal [$85] $81, plus [5.2%] 4.99% of state
39
to $3,450 taxable income greater than $2,588
40
Greater than $3,450 but less than or equal [$129] $124, plus [6%] 5.76% of state
41
to $4,313 taxable income greater than $3,450
42
Greater than $4,313 [$181] $174, plus [7%] 6.72% of state
43
taxable income greater than $4,313
44
(3) For a husband and wife filing a single return jointly, or a head of household as
45
defined in Section 2(b), Internal Revenue Code, filing a single return, the tax under this section
46
is imposed in accordance with the following table:
47
If the state taxable income is: The tax is:
48
Less than or equal to $1,726 [2.3%] 2.21% of the state taxable income
49
Greater than $1,726 but less than or equal [$40] $38, plus [3.3%] 3.17% of state
50
to $3,450 taxable income greater than $1,726
51
Greater than $3,450 but less than or equal [$97] $93, plus [4.2%] 4.03% of state
52
to $5,176 taxable income greater than $3,450
53
Greater than $5,176 but less than or equal [$169] $162, plus [5.2%] 4.99% of state
54
to $6,900 taxable income greater than $5,176
55
Greater than $6,900 but less than or equal [$259] $248, plus [6%] 5.76% of state
56
to $8,626 taxable income greater than $6,900
57
Greater than $8,626 [$362] $348, plus [7%] 6.72% of state
58
taxable income greater than $8,626
59
(4) This section does not apply to a resident individual exempt from taxation under
60
Section
59-10-104.1
.
61
Section 2. Effective date.
62
This bill takes effect for taxable years beginning on or after January 1, 2007.
[Bill Documents][Bills Directory]