Relating to state revenue and finance by modifying individual income tax rates, exemptions, and credits, corporate income tax rates and credits, credits against the franchise tax, the insurance premiums tax, and the moneys and credits tax, and the tax expenditure committee, making contingent transfers from the taxpayer relief fund, and including effective date and applicability provisions. Contingent effective date. Contingent applicability date

Amendments · 14

2 adopted · 4 failed · 1 never voted on. Newest first.

• S-5027 · filed February 24, 2022 by Sen. Jackie Smith (D)

  AI summary This amendment changes the proposed income tax rates for married couples filing jointly and all other taxpayers. It sets a 3.90 percent tax rate on income up to $500,000 for married couples and up to $250,000 for others, with a 6.50 percent rate on any income above those amounts. Its wording →
  Failed
  February 24, 2022
• S-5025 · filed February 24, 2022 by Sen. Sarah Trone Garriott (D)

  AI summary This amendment changes the child and dependent care credit by setting specific credit percentages based on a taxpayer's net income. It also adds a rule that requires the income levels used to determine the credit to be adjusted annually for inflation. Finally, it makes these changes apply retroactively to tax years beginning on or after January 1, 2022. Its wording →
  Ruled out of order
  February 24, 2022
• S-5024 · filed February 24, 2022 by Sen. Liz Mathis (D), Sen. Kevin Kinney (D)

  AI summary This amendment changes how income from farm tenancy agreements is calculated by allowing people to subtract all net income if they meet certain requirements. It also specifies that only fifty percent of certain net income should be subtracted. Its wording →
  Failed
  February 24, 2022
• S-5023 · filed February 24, 2022 by Sen. Eric Giddens (D)

  AI summary This amendment updates the earned income tax credit to be equal to 30 percent of the federal earned income credit for tax years beginning on or after January 1, 2023. Its wording →
  Ruled out of order
  February 24, 2022
• S-5022Strike everything · filed February 24, 2022 by Sen. Dan Dawson (R)

  AI summary This amendment replaces the entire bill with new rules regarding tax exclusions. It creates a way for long-term employee-owners to exclude a portion of their profits from selling company stock from their taxes, with the exclusion increasing to 100 percent by 2025. It also allows certain retired or disabled farmers to exclude income from farm lease agreements and modifies how capital gains from the sale of farm property are treated. Its wording →
  Adopted
  February 24, 2022
• S-5021Strike everything · filed February 24, 2022 by Sen. Dan Dawson (R)

  AI summary This amendment replaces the entire bill with new rules regarding tax exclusions. It adds a rule that allows employee-owners of certain corporations to exclude a portion of their net capital gains from taxes, with the exclusion increasing to 100 percent by 2025. It also adds a rule that allows certain retired farmers to exclude income from farm tenancy agreements from their taxes and modifies the rules for excluding capital gains from the sale of farming real property. Its wording →

  Amends this SF 2206 to CONFORM to HF 2317
  Adopted
  February 24, 2022
• H-8090Strike everything · filed February 24, 2022 by

  AI summary This amendment replaces the entire bill with new rules regarding tax exclusions. It creates a way for long-term employee-owners to exclude a portion of their profits from selling stock in certain corporations from their taxes, with the exclusion increasing to 100 percent by 2025. It also allows certain retired farmers to exclude income from farm lease agreements and modifies how capital gains from the sale of farm property are treated. Its wording →
  Never voted on
• H-8025 · filed February 15, 2022 by

  AI summary This amendment changes the specific income tax rates and the income levels at which those rates apply. It also replaces the plan for a single 4 percent flat tax with a system that uses a higher 6.5 percent rate for income above certain thresholds. Its wording →
  Failed
  40–57
  February 16, 2022
• H-8024 · filed February 15, 2022 by

  AI summary This amendment adds a rule that allows eligible teachers to deduct up to five hundred dollars for certain work expenses on their state taxes. This deduction applies to tax years starting on or after January 1, 2023, for teachers who complete specific training. Its wording →
  Withdrawn
  February 16, 2022
• H-8023 · filed February 15, 2022 by

  AI summary This amendment replaces most of the bill so that it only focuses on excluding retirement income from individual income tax. It also changes the effective date to January 1, 2023. Its wording →
  Ruled not germane
  February 16, 2022
• H-8022 · filed February 15, 2022 by

  AI summary This amendment adds new tax credits for volunteer firefighters, volunteer emergency medical services personnel, and reserve peace officers. These credits would be available for tax years beginning on or after January 1, 2023. Its wording →
  Ruled not germane
  February 16, 2022
• H-8021 · filed February 15, 2022 by

  AI summary This amendment changes the bill from a single flat tax rate to a two-tiered system where people pay a lower rate on their first portion of income and a higher rate on any income above a certain amount. It sets different income thresholds for these two rates depending on the specific tax category being addressed. Its wording →
  Failed
  42–55
  February 16, 2022
• H-8020 · filed February 15, 2022 by

  AI summary This amendment changes how the child and dependent care tax credit is calculated by setting specific percentages based on a person's net income. The credit starts at 100 percent of the federal credit for those earning $45,000 or less and gradually decreases to zero percent for those earning more than $250,000. Its wording →
  Ruled not germane
  February 16, 2022
• H-8019 · filed February 15, 2022 by

  AI summary This amendment updates the earned income tax credit to be equal to 30 percent of the federal earned income credit for tax years beginning on or after January 1, 2023. Its wording →
  Ruled not germane
  February 16, 2022