SB 96

Bill Subjects

Abstract

Under the Personal Income Tax Law, taxes are imposed at specified rates, up to a maximum of 9.3%, based on the amount of the taxpayer's taxable income and a maximum of 7% based on the taxpayer's alternative minimum taxable income. This bill would, for taxable years beginning on or after January 1, 2009, in lieu of the maximum rate of 9.3%, impose rates of 9%, 9.5%, 10%, 10.5%, and 11% for taxpayers with taxable income over certain amounts, and impose an 8.5% maximum rate based upon the taxpayer's alternative minimum taxable income. This bill would result in a change in state taxes for the purpose of increasing state revenues within the meaning of Section 3 of Article XIII A of the California Constitution, and thus would require for passage the approval of 23 of the membership of each house of the Legislature. This bill would take effect immediately as a tax levy.