Sent to you by Steve Sherlock via Google Reader:
via Commonwealth Conversations: Revenue by Ann Dufresne-DOR Communications Director on 11/19/12
The State Department of Revenue (DOR) recently certified that there is insufficient tax revenue growth under the terms of a 2002 state law that would trigger a 0.05 percentage point cut in the Part B indivdual income tax rate beginning in 2013. As part of the legal process determined by the Legislature, an automatic tax cut would go into effect if the following thresholds in revenue growth were exceeded:
- Inflation-adjusted baseline revenue growth for the previous fiscal year surpassed 2.5% and,
- There was positive inflation-adjusted baseline revenue growth in each of the consecutive three-month periods starting in August and ending in November in the current calendar year compared to the same consecutive three-month periods in the previous calendar year.
Things you can do from here:
- Subscribe to Commonwealth Conversations: Revenue using Google Reader
- Get started using Google Reader to easily keep up with all your favorite sites