Staff Analysis of the Legislation
|
|
This bill seeks to repeal income and corporate net worth taxes. It replaces those taxes with a 6.70 % consumption tax. The bill does not repeal state sales and use tax. It leaves the collection mechanism in place, but reduces the rate from 4% to 0%. All local sales and use taxes imposed under Chapter 8 of Title 48 will continue to be imposed and collected. |
