Amended
IN
Assembly
March 01, 2018 |
Introduced by Assembly Member Fong (Principal coauthors: Assembly Members Brough, Mathis, and Patterson) (Principal coauthor: Senator Bates) (Coauthors: Assembly Members Chen, Cunningham, Gallagher, Harper, Kiley, Mayes, and Steinorth) (Coauthors: Senators Berryhill, Fuller, Gaines, Nguyen, and Vidak) |
January 24, 2018 |
If the taxable income is: | The tax is: |
Not over $3,650
........................
| 1% of the taxable income |
Over $3,650 but not over $8,650
........................
| $36.50 plus 2% of the excess over $3,650 |
Over $8,650 but not over $13,650
........................
| $136.50 plus 4% of the excess over $8,650 |
Over $13,650 but not over $18,950
........................
| $336.50 plus 6% of the excess over $13,650 |
Over $18,950 but not over $23,950
........................
| $654.50 plus 8% of the excess over $18,950 |
Over $23,950
........................
| $1,054.50 plus 9.3% of the excess over $23,950 |
If the taxable income is: | The tax is: |
Not over $7,850
........................
| 0% of the taxable income |
Over $7,850 but not over $18,610
........................
| $0 plus 1% of the excess over $7,850 |
Over $18,610 but not over $29,372
........................
| $107.60 plus 2% of the excess over $18,610 |
Over $29,372 but not over $40,773
........................
| $322.84 plus 4% of the excess over $29,372 |
Over $40,733 but not over $51,530
........................
| $787.28 plus 6% of the excess over $40,733 |
Over $51,530 but not over $250,000
........................
| $1,432.70 plus 8% of the excess over $51,530 |
(3)(A)For taxable years beginning on or after January 1, 2031, for that portion of taxable income that is over two hundred fifty thousand dollars ($250,000), but not over three hundred thousand dollars ($300,000), as those amounts were recomputed pursuant to subparagraph (B) of paragraph (2) of subdivision (f) of Section 36 of Article XIII of the California Constitution, the tax rate is 9.3 percent of the excess over two hundred fifty thousand dollars ($250,000).
(B)The income tax brackets specified in this paragraph shall be recomputed, as otherwise provided in subdivision (h), only for taxable years beginning on or after January 1, 2032.
If the taxable income is: | The tax is: |
Not over $7,300
........................
| 1% of the taxable income |
Over $7,300 but not over $17,300
........................
| $73 plus 2% of the excess over $7,300 |
Over $17,300 but not over $22,300
........................
| $273 plus 4% of the excess over $17,300 |
Over $22,300 but not over $27,600
........................
| $473 plus 6% of the excess over $22,300 |
Over $27,600 but not over $32,600
........................
| $791 plus 8% of the excess over $27,600 |
Over $32,600
........................
| $1,191 plus 9.3% of the excess over $32,600 |
If the taxable income is: | The tax is: |
Not over $15,700 | 0% of the taxable income |
Over $15,700 but not over $37,220 |
|
Over $37,220 but not over $58,744 |
|
Over $58,744 but not over $81,543 | $645.68 plus 4% of the excess over $58,744 |
Over $81,543 but not over $103,060 | $1,257.76 plus 6% of the excess over $81,543 |
Over $103,060 but not over $340,000 | $2,554 plus 8% of the excess over $103,060 |
If the taxable income is:
........................
| The tax is: |
Not over $15,710
........................
| 0% of the taxable income |
Over $15,710 but not over $37,221
........................
| $0 plus 1% of the excess over $15,710 |
Over $37,221 but not over $47,982
........................
| $215.11 plus 2% of the excess over $37,221 |
Over $47,982 but not over $59,383
........................
| $430.33 plus 4% of the excess over $47,982 |
Over $59,383 but not over $70,142
........................
| $886.37 plus 6% of the excess over $59,383 |
Over $70,142 but not over $340,000
........................
| $1,531.91 plus 8% of the excess over $70,142 |
(3)(A)For taxable years beginning on or after January 1, 2031, for that portion of taxable income that is over one hundred three thousand sixty dollars ($103,060), as that amount was recomputed pursuant to subparagraph (B) of paragraph (2), but not over five hundred twenty-six thousand four hundred forty-four dollars ($526,444), as that amount is determined as if recomputed pursuant to subparagraph (B) of paragraph (2), the tax rate is 8 percent of the excess over one hundred three thousand sixty dollars ($103,060).
(B)For taxable years beginning on or after January 1, 2031, for that portion of taxable income that is over five hundred twenty-six thousand four hundred forty-four dollars
($526,444), as that amount is determined as if recomputed pursuant to subparagraph (B) of paragraph (2), the tax rate is 9 percent of the excess over five hundred twenty-six thousand four hundred forty-four dollars ($526,444).
(C)The income tax brackets specified in this paragraph shall be recomputed, as otherwise provided in subdivision (h), only for taxable years beginning on or after January 1, 2032.