Plain English Breakdown
The official source material does not provide specific details regarding the exact tax rate change or the amount that will be directed to the school aid fund.
Increase in Corporate Income Tax and Funding for Schools
This law proposes to increase the corporate income tax rate and earmark additional revenue generated by this increase towards the school aid fund.
What This Bill Does
- Proposes an increase in the current corporate income tax rate.
- Earmarks additional revenue from the higher tax rate for the school aid fund.
Who It Names or Affects
- Corporations that pay income taxes
- Schools and educational institutions
Terms To Know
- Corporate Income Tax
- A tax on the profits of a company or corporation.
- School Aid Fund
- Money set aside to help pay for schools and education programs.
Limits and Unknowns
- The exact amount of the tax increase is not specified in the provided official source material.
- It's unclear how much extra money will go into the school aid fund from this proposed rate increase based on the given information.