Amendment vs bill Ways and Means Education Amendment SH1675-1 vs Engrossed

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HB115 ENGROSSED G88O22-2 By Representative Garrett RFD:
SH1675-1 :
Ways and Means Education First Read:
3/29/2023 :
21-Mar-23 Page 0 HB115 Engrossed 2 4 6 A BILL TO BE ENTITLED AN ACT Relating to individual income taxes;
JTM AMENDMENT TO HB115 OFFERED BY WAYS AND MEANS EDUCATION OFFERED IN COMMITTEE BY DAVID FAULKNER 2 4 Replace lines 36 on page 2 with the following:
to amend Section 40-18-5, Code of Alabama 1975, to phase-in a reduction in the top tax rate from five percent to four and ninety-five hundredths percent.
BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
Section 1.
Section 40-18-5, Code of Alabama 1975, is amended to read as follows:
"§40-18-5 The tax levied and imposed by Section 40-18-2 shall be computed as follows:
(1) For a single person, head of family, or married persons filing separate returns:
a.
Two percent of taxable income not in excess of five hundred dollars ($500).
b.
Four percent of taxable income in excess of five hundred dollars ($500) and not in excess of three thousand dollars ($3,000).
c.
Five percent of For taxable income in excess of three thousand dollars ($3,000):.
Page 1 HB115 Engrossed 1.
Five percent through tax year 2022 2023.
2.
Four and ninety-nine hundredths percent for tax year 2023 2024.
3.
Four and ninety-eight hundredths percent for tax year 2024 2025.
4.
Four and ninety-seven hundredths percent for tax year 2025 2026.
5.
Four and ninety-six hundredths percent for tax year 2026 2027.
6.
Four and ninety-five hundredths percent for tax year 2027 2028 and each tax year thereafter.
(2) For married persons filing a joint return:
a.
Two percent of taxable income not in excess of one thousand dollars ($1,000).
b.
Four percent of taxable income in excess of one thousand dollars ($1,000) and not in excess of six thousand dollars ($6,000).
c.
Five percent of For taxable income in excess of six thousand dollars ($6,000):.
Five percent through tax year 2022 2023.
Five percent through tax year 2023.
2.
8 Replace line 38 on page 2 with the following:
Four and ninety-nine hundredths percent for tax year 2023 2024.
2024.
3.
Replace line 40 on page 2 with the following:
Four and ninety-eight hundredths percent for tax year 2024 2025.
year 2025.
4.
Replace line 42 on page 2 with the following:
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Four and ninety-seven hundredths percent for tax year 2025 2026.
year 2026.
5.
Replace line 44 on page 2 with the following:
Four and ninety-six hundredths percent for tax year 2026 2027.
2027.
Page 2 HB115 Engrossed 6.
Replace line 46 on page 2 with the following:
Four and ninety-five hundredths percent for tax year 2027 2028 and each tax year thereafter.
2028 and each tax year thereafter.
Section 2.
Replace lines 55 on page 2 with the following:
This act shall become effective on the first day of the third month following its passage and approval by the Governor, or its otherwise becoming law.
Page 1 SH1675-1 :
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:
3/29/2023 :
amendment Read for the third time and passed ................06-Apr-23 as amended Yeas 105 Nays 0 Abstains 0 John Treadwell Clerk Page 4
JTM AMENDMENT TO HB115 OFFERED BY WAYS AND MEANS EDUCATION OFFERED IN COMMITTEE BY DAVID FAULKNER 1.
Five percent through tax year 2023.
Replace line 57 on page 3 with the following:
2024.
Replace line 59 on page 3 with the following:
year 2025.
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year 2026.
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2027.
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2028 and each year thereafter.
Page 2