The Individual Income Tax Act (630): Difference between revisions
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''An act to fund government expenditure from individual revenues.''<br>
''Passed on 26 Sep 2021 with 5 Aye, 0 Nay, 0 Abstain,''<br>
''
''AMENDED by [[The Pay Your Own Way Tax Reform, 667]]''<br>
==Article 1 - The Income Tax==
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:1.4 - ₣60,000 - ₣120,000 shall be taxed at 56%<br>
:1.5 - ₣120,000 and over shall be taxed at 72%
==Article 2 - The Small Enterprise Creation Investment Credit==
:2.1 - Permits a 0.50 florin-per-florin deduction from earned income for investments into any Kodiaker-majority-owned Small or Medium Enterprise (SME) established within the last 10 years.
:2.2 - The deduction may be applied to personal income or personal capital gains or both in ratio at the discretion of the taxpayer.
:2.3 - Establishes a maximum deduction of 150,000 florins per year.
:2.4 - Defines Small or Medium Enterprise as defined by the [[Hiring Subsidies and SME Loans Act 651]].
==Article 3 - The Health Insurance Credit==
:3.1 - Permits a 0.125 florin-per-florin deduction from earned income for payments or premiums toward any insurance plan contracted to at least 11 months or longer.
:3.2 - The deduction may be applied to personal income, or personal capital gains, or both in ratio - at the discretion of the taxpayer.
:3.3 - Establishes a maximum deduction of 25,000 florins per year.
==Article 4 - The Education Fee Credit==
:4.1 - Permits a 0.25 florin-per-florin deduction from earned income for tuition or fees used for any Kodiaker between the ages 4 and 18 to attend a non-state educational institution.
:4.2 - The deduction may be applied to personal income, or personal capital gains, or both in ratio - at the discretion of the taxpayer.
:4.3 - Establishes a maximum deduction of 25,000 florins per year.
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