SENATE BILL

JUN
30
2016

SBN-67: Adjusting the Levels of Net Taxable Income and Nominal Tax Rates for the Individual Income Tax

An Act Adjusting The Levels Of Net Taxable Income And Nominal Tax Rates For Purposes Of Computing The Individual Income Tax, Amending Section 24(A)(2) Of The National Internal Revenue Code of 1997, As Amended, And For Other Purposes

  • This bill seeks to amend Section 24 of the National Internal Revenue Code of 1997, as amended, by adjusting the levels of net taxable income and nominal tax rates for purposes of computing the individual income tax, based on current 2016 prices.
  • This bill also proposes to automatically index the net taxable income levels and nominal tax rates to inflation every 6 years without need for legislative action.
  • This would perpetuate equity in the tax system and help ensure that the tax system treats people the same way from year to year.

 

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