SB1017 HFA Fleischauer and Miley 6-16 #1

Delegates Fleischauer and Miley move to amend the bill as follows:

On page 49, Section 4g, line 2, by striking the words “or (e)” and inserting in lieu thereof “(e), or (f)”

And,

On page 57, Section line 201, following the period, by inserting a new subsection (f) to read as follows:

“(f) Growth Reversal.  Notwithstanding any other provision of this section, any average cumulative collections provided for in subsections (b), (c), (d) or (e) of this section has been met and a percentage reduction in personal income tax rates have occurred, if in any successive fiscal year the cumulative collections that caused the personal income tax reduction are no longer satisfied and have decreased equal to or greater than the threshold causing the prior tax rate reductions, then those tax rate reductions are expired and the personal income tax rates revert back to the rates prior to the reduction until such time the triggers as calculated from the original baseline, as adjusted, are again satisfied: Provided, That if that reduction exceeds a prior level of cumulative collections that caused a prior reduction, then the rate that the tax was assessed prior to that rate reduction shall be the rate of tax pursuant to this section.  If any subsequent further reductions or increases in revenue growth and employment growth factors occur, the taxing rates for personal income tax shall be adjusted accordingly.”