Ways & Means Committee – Week 18, 2021
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Division I – Removal of triggers for Contingent Income Tax System
This would remove the “triggers” that must be met to move to the contingent individual income tax system established under SF 2417 in 2018, and make the new system effective for Tax Year 2023. Under SF 2417, the contingent tax system only goes into effect after TY 2023 when two conditions are met: General Fund net receipts for FY22 (or after) exceed $8.31 billion; and net General Fund receipts for that year grow at least 4% above the year prior (equal to or more than 104% of previous year’s net receipts).
SF 619/SSB 1276 – Omnibus tax policy/Mental health funding Division I – Removal of triggers for Contingent Income Tax System This would remove the “triggers”
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