Provisions of the Tax Plans
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Personal income tax
SENATE: Adds brackets of 5 percent for single filers with taxable income above $150,000 and joint filers above $200,000; and 5.5 percent for all filers above $500,000. Increases personal exemption and exemption for dependents from $2,400 to $2,600.
[an error occurred while processing this directive]HOUSE: Modifies brackets to include 5.25 percent for single filers with taxable income above $125,000 and joint filers above $175,000; 5.5 percent for single filers above $150,000 and joint filers above $200,000; and 5.75 percent for single filers above $200,000 and joint filers above $250,000. Alters $2,400 personal exemption and exemption for dependents to $600 to $3,200, depending upon income.
Corporate income tax
SENATE: Increases rate from 7 to 8 percent.
HOUSE: Increases rate from 7 to 8.75 percent.
Sales tax
SENATE: Increases rate from 5 to 6 percent; applies the tax to computer services and video arcades.
HOUSE: Increases rate from 5 to 6 percent; no expansion of the tax to additional services.
Hotel tax
SENATE: No change to the 5 percent rate.
HOUSE: Raises the rate from 5 to 7.5 percent.
Tobacco tax
SENATE: Raises tax on a pack of cigarettes from $1 to $2.
HOUSE: Same as Senate.
Vehicle titling tax
SENATE: Raises rate from 5 to 6 percent.
HOUSE: Same as Senate.
