AB 17: Personal income tax: rate.

Session Year: 2023-2024
House: Assembly

Current Status:

Failed

(2024-02-01: From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.)

Introduced

First Committee Review

First Chamber

Second Committee Review

Second Chamber

Enacted

Version:

The Personal Income Tax Law, in modified conformity with federal income tax law, imposes taxes on taxable income, as provided.

This bill would state the intent of the Legislature to enact legislation that would lift the tax burden on the middle class by reducing income tax rates for middle- and low-income taxpayers.

This bill, for taxable years beginning on or after January 1, 2023, and before January 1, 2028, would revise the income tax rates and taxable income brackets by imposing an income tax rate of 4% instead of 6% or 8%, as applicable, on specified taxable income.

This bill would take effect immediately as a tax levy.

Discussed in Hearing