Opinion ID: 836577
Heading Depth: 1
Heading Rank: 6

Heading: reduces maximum income tax rate; equalizes personal/corporate tax rates

Text: RESULT OF `YES' VOTE: `Yes' vote reduces maximum personal income tax rate and equalizes certain corporate/personal tax rates. RESULT OF `NO' VOTE: `No' vote retains current personal income tax rates and retains separate personal/corporate tax rates. SUMMARY: Current state law does not link corporate income/excise tax rates to personal income tax rates. Measure reduces state's maximum personal income tax rate and requires state's corporate income/excise tax rates to equal state's personal income tax rates. Current law also establishes separate excess revenue refunds for corporate income/excise taxpayers and personal income taxpayers when revenues received exceed certain estimates. Measure limits corporate income/excise taxpayers' refund rate to personal income taxpayers' refund rate for same biennium. Distributes any increased revenues to schools.