For income tax years commencing on and after January 1, 2019, the bill:
- Reduces both the individual and the corporate state income tax rate from 4.63% to 4.25%; and
- Reduces the state alternative minimum tax by 0.38%.
The bill also requires the state controller to:
- Proportionally void general fund appropriations for each principal department, except for the department of education, for the 2018-19 state fiscal year in an amount totaling $374.3 million;
- For the 2019-20 state fiscal year, to proportionally reduce the general fund appropriations for each principal department, except for the department of education, as set forth in the 2019 annual general appropriations act in an amount totaling $760.7 million.
(Note: This summary applies to this bill as introduced.)