Share “$88*”

Published: May 1, 2013
Advertisement

Lawmakers passed House Bill 2032, which cuts income taxes for some and

provides funding for Capitol repairs. Here's a look at the highlights.

Income tax cut

• Lowers the top personal income tax rate from 5.25 percent to 5 percent on Jan. 1, 2015. The cut would save the average taxpayer about $88 per year.

• Lowers the top personal income tax rate from 5 percent to 4.85 percent on Jan. 1, 2016. This cut is contingent on total revenue growth in the 2016 fiscal year being equal to or greater than the 2016 fiscal year impact of the 0.15 percent tax cut.

State Capitol repairs

It reserves $60 million in the 2014 fiscal year and an additional $60 million in the 2015 fiscal year for Capitol repairs. Any leftover money will be turned over to maintenance of state buildings revolving fund to pay for other repairs or maintenance needs of state buildings and properties.