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Legislation


2004 Regular Session

SENATE BILL 558

File Code: Taxes - Income Crossfiled with: HOUSE BILL 1352
Sponsored By:
Senators Pinsky and Jones
Entitled:
Income Tax Reform - Revenues for Bridge to Excellence in Public Schools

Synopsis:

Establishing an Education Trust Fund to be used only to provide funding for implementation of the Bridge to Excellence in Public Schools Act; altering State income tax rates and rate brackets for individuals, ranging from 0% on the first $3,000 of taxable income to 6.5% for income in excess of $333,333; providing separate rate brackets applicable to joint returns; requiring the Comptroller to distribute the additional income tax revenue resulting from the Act to the Education Trust Fund; etc.

History by Legislative Date

Senate Action
2/6
First Reading Budget and Taxation
2/11
Hearing 2/25 at 1:00 p.m.
House Action
No Action
Sponsored by:
Senator Paul G. Pinsky, District 22
Senator Verna L. Jones, District 44
Bill indexed under the following Subjects:
COMPTROLLER
EDUCATION -see also- DRIVER ED; HIGHER ED; SPECIAL ED; etc
INCOME TAX
INTEREST
PENALTIES
PUBLIC SCHOOLS
STATE AID
Bill affects the following Statutes:
Education
( 5-201.1 )
Tax - General
( 2-608.2 , 2-609 , 10-105 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled
Fiscal Note: Available (PDF)
Amendments: None offered
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