January 30, 2024 - Introduced by Senators Marklein, LeMahieu, Ballweg, Bradley, Cabral-Guevara, Felzkowski, Feyen, Jagler, Nass, Quinn, Stroebel, Testin and Wanggaard, cosponsored by Representatives Katsma, Born, Allen, Armstrong, August, Behnke, Binsfeld, Brandtjen, Dittrich, Donovan, Edming, Green, Gundrum, Hurd, Krug, Kurtz, Macco, Magnafici, Maxey, Melotik, Moses, Murphy, Mursau, Nedweski, O’Connor, Oldenburg, Penterman, Petryk, Plumer, Rettinger, Schmidt, Schraa, Schutt, Snyder, Sortwell, Spiros, Steffen, Tranel, Wichgers, Wittke, Zimmerman and Swearingen. Referred to Joint Committee on Finance.
SB977,,22An Act to repeal 71.06 (1), (1m), (1n) and (1p), 71.06 (1q), 71.06 (2) (a) to (h), 71.06 (2) (i), 71.06 (2) (j) and 71.06 (2e) (a) and (b); to amend 71.06 (1q) (intro.), 71.06 (2) (i) (intro.), 71.06 (2) (j) (intro.) and 71.06 (2m); and to create 71.06 (1r), 71.06 (2) (k), 71.06 (2) (L) and 71.06 (2e) (bm) of the statutes; relating to: expansion of the second individual income tax bracket. SB977,,33Analysis by the Legislative Reference Bureau This bill expands the second individual income tax bracket as follows:
1. For single individuals, certain fiduciaries, and heads of households, the current law tax rate of 4.40 percent applies to taxable income exceeding $14,320 but not exceeding $112,500. Under current law, as adjusted for inflation, the second tax bracket for single individuals, certain fiduciaries, and heads of households applies to taxable income exceeding $14,320 but not exceeding $28,640.
2. For married persons filing a joint return, the 4.40 percent tax rate applies to taxable income exceeding $19,090 but not exceeding $150,000. Under current law, as adjusted for inflation, the second tax bracket for married persons filing a joint return applies to taxable income exceeding $19,090 but not exceeding $38,190.
3. For married persons filing separate returns the 4.40 percent tax rate applies to taxable income exceeding $9,550 but not exceeding $75,000. Under current law, as adjusted for inflation, the second tax bracket for married persons filing separate returns applies to taxable income exceeding $9,550 but not exceeding $19,090.