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until they applied the formula as to the exact difference. It was determined however that less taxes for the higher ificome people would be paid to the Federal Government, more would be paid to the State, thus no revenue loss to the State.
It's doubtful because of individual unknowns that this bill will pass the Senate.
.House Bill 1504 which would have eliminated the Gross Receipts taxes for localities was also killed. It simply stated those businesses which suffered losses and made no profit would be exempt from the Gross Receipts tax. Depreciation and salary payouts were not allowed in the computation. It would have been a big help for auto and boat dealers as more of them have gone out of business in our State than any other.
89.8%