Provides that a taxpayer may make such modification only in an income tax year when there are state revenues for the previous fiscal year in excess of the constitutional limitation on state fiscal year spending that are required to be refunded.
Capital letters indicate new material to be added to existing statute.
Dashes through the words indicate material to be deleted from existing statute. Page 2 department of revenue to calculate the specified percentage. Provides for publication of the percentage on which the modification is based in rules promulgated by the executive director. Income tax imposed on individuals, estates, and 5 trusts - single rate. Any financial report prepared pursuant 18 to this section shall include, but shall not be limited to, state fiscal year 19 spending, reserves, revenues, and debt.