Tax Reform Proposal Comparison Grid
Click on the plan name for more details.
| Current | CIVIC COMMITTEE PLAN | GOVERNOR'S GRT PLAN | HB750/SB750 (CTBA) | HOULIHAN 2007 PLAN | |
| Personal Income Tax | 4% rate | no change | 5% rate | 4.5% rate | |
| 3% rate | Creates new Family Tax Credit for low and moderate income workers | Creates new Family Tax Credit | Increases Personal Exemption | ||
| $9.6 billion | $2.5 billion | $5.13 billion | $3 billion | ||
| $ total: $12.1 billion | $ total: $14.73 billion | $ total: $12.6 billion | |||
| Corporate Income Tax | 4.8% rate | 6.4% rate | Four-Year Phase-Out on Businesses over $2 million | 8% rate | Repeal |
| $1.95 billion | $500 million | $950 million | ($1.95 billion) | ||
| $ total: $2.45 billion | $ total: $2.9 billion | $ total: 0 | |||
| Gross Receipts Tax | n/a | no change | 1.955% GRT rate on Services; 0.85% on Goods | no change | 5% GRT rate on Retail & Utility; 0.85% on all other Sectors |
| $7.6 billion | $19 billion | ||||
| Personal Property Replacement Tax | no change | no change | no change | Repeal | |
| $1.7 billion | ($1.7 billion) | ||||
| $ total: 0 | |||||
| Sales Tax | 5% rate | Same Rate, but Expanded to Personal, Entertainment and other Consumer Services | no change | Same Rate, but Expanded to Consumer Services | Repeal |
| $7.8 billion | $2 billion | $1.7 billion | ($7.8 billion) | ||
| $ total: $9.8 billion | $ total: $9.5 billion | $ total: 0 | |||
| Sales Tax (Local State Imposed) | 1.25% rate | no change | no change | no change | Repeal |
| $2 billion | ($2 billion) | ||||
| $ total: 0 | |||||
| Other | $2.3 billion | no change | no change | no change | Repeal Hotel & Franchise Tax & Business fees & increase state Earned Income Credit to 30% of federal |
| ($2.3 billion) | |||||
| $ total: 0 | |||||
| Total New Revenue | - | $5 billion | $7.6 billion | $8.78 billion | $6.25 billion |
| Total Revenue Generated | $25.3 billion | $ total: $30.3 billion | $ total: $32.9 billion | $ total: $34.08 billion | $ total: $31.55 billion |
| T o t a l U s e o f N e w R e v e n u e | |||||
| Property Tax Relief | - | no change | ($1 billion) | ($2.7 billion) | ($4.5 billion) |
| Increase State Aid to Schools | - | ($2.5 billion) | ($10 billion over four-years) | ($3.1 billion, $7.1 billion over four years) |
($2.1 billion) |
| Pension Debt Funding | - | ($2.5 billion) | - | ($3.4 billion) | - |
| Total | - | ($5.0 billion) | ($11.0 billion) | ($8.3 billion) | ($6.6 billion) |