Improve Corporate Tax Fairness by Amending the Rates Imposed on Corporate Income
|Sponsor:||Representative Scott Cuddy, House 98|
|Bill #:||LD 903|
UPDATE: The committee voted the bill Ought Not to Pass.
This bill establishes 2 new tax brackets and 3 new rates for corporate income tax purposes for tax years beginning on or after January 1, 2020. Under the bill, corporate income between $2,000,000 and $3,000,000 is taxed at the rate of 8.5% and corporate income between $3,000,000 and $3,500,000 is taxed at the rate of 8.75%; such income is taxed under current law at the rate of 8.33%. The top tax rate, which is imposed on corporate income over $3,500,000, is increased from 8.93% to 9%.