Posts Tagged ‘proposition 30’
Franchise Tax Board Updates 2012 Tax Tables
for Proposition 30 Tax Increases
Sacramento The Franchise Tax Board (FTB) today updated the 2012 tax rate schedules (see tables below) to reflect tax increases due to the passage of Proposition 30.
Among other things, Proposition 30 raises the personal income tax rate on individuals making more than $250,000 per year for the next seven years.
The income tax changes apply retroactivelyto all income earned or received since January 1, 2012. The law waives the underpayment of estimated tax penalty that results from a retroactive tax law change that takes place during the year.
The complete 2012 tax rate schedules will be available on our website early next week. Visit ftb.ca.gov and search for 2012 tax rates.
Updated 2012 California Tax Rate Schedules: