Posted testimony Over 150 testimonies pleading for support of schools and communities in support of this tax not taking into consideration that consumers and communities will have to pay for it.
This bill increase corporate excise tax from 6.6% and 7.6% to 7% and 8% January 1, 2017.
Increases corporate excise tax rates from 6.6% and 7.6% to 7% and 8%, respectively. The increase would apply to tax years 2017 and later
Increases government control over corporations. From 1987 to 2008 corporations were taxed at a flat rate of 6.6%. Since 2009, corporations have been subject to a two bracket rate structure. For 2009 and 2010, the top rate was 7.9% for income above $250,000. For 2011 and 2012, the top rate was reduced to 7.6%. Since 2013, the top rate of 7.6% has applied to income above $1 million.
Reduces corporate profits or will raise prices to customers. May reduce investments in local communities, and job creation.