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HB115 INTRODUCED G88O22-1 By Representative Garrett RFD:
HB115 ENGROSSED G88O22-2 By Representative Garrett RFD:
21-Mar-23 Page 0 G88O22-1 02/28/2023 KHF (F)SBS 2023-871 2 4 SYNOPSIS:
21-Mar-23 Page 0 HB115 Engrossed 2 4 6 A BILL TO BE ENTITLED AN ACT Relating to individual income taxes;
Under existing law, Alabama levies an individual income tax at rates ranging from two percent on taxable income to a top rate of five percent on taxable income.
This bill would phase in a reduction in the top tax rate from five percent to four and ninety-five hundredths percent.
A BILL TO BE ENTITLED AN ACT Relating to individual income taxes;
Page 1 HB115 INTRODUCED a.
a.
1.
Page 1 HB115 Engrossed 1.
Five percent through tax year 2022.
Five percent through tax year 2022 2023.
Four and ninety-nine hundredths percent for tax year 2023.
Four and ninety-nine hundredths percent for tax year 2023 2024.
Four and ninety-eight hundredths percent for tax year 2024.
Four and ninety-eight hundredths percent for tax year 2024 2025.
Four and ninety-seven hundredths percent for tax year 2025.
Four and ninety-seven hundredths percent for tax year 2025 2026.
Four and ninety-six hundredths percent for tax year 2026.
Four and ninety-six hundredths percent for tax year 2026 2027.
Four and ninety-five hundredths percent for tax year 2027 and each tax year thereafter.
Four and ninety-five hundredths percent for tax year 2027 2028 and each tax year thereafter.
Five percent through tax year 2022.
Five percent through tax year 2022 2023.
Four and ninety-nine hundredths percent for tax year Page 2 HB115 INTRODUCED 2023.
Four and ninety-nine hundredths percent for tax year 2023 2024.
Four and ninety-eight hundredths percent for tax year 2024.
Four and ninety-eight hundredths percent for tax year 2024 2025.
Four and ninety-seven hundredths percent for tax year 2025.
Four and ninety-seven hundredths percent for tax year 2025 2026.
Four and ninety-six hundredths percent for tax year 2026.
Four and ninety-six hundredths percent for tax year 2026 2027.
6.
Page 2 HB115 Engrossed 6.
Four and ninety-five hundredths percent for tax year 2027 and each tax year thereafter.
Four and ninety-five hundredths percent for tax year 2027 2028 and each tax year thereafter.
Page 3
Page 3 HB115 Engrossed House of Representatives Read for the first time and referred ................21-Mar-23 to the House of Representatives committee on Ways and Means Education Read for the second time and placed ................05-Apr-23 on the calendar:
amendment Read for the third time and passed ................06-Apr-23 as amended Yeas 105 Nays 0 Abstains 0 John Treadwell Clerk Page 4
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