Increases state sales tax to 8% and eliminates personal income tax.
Raises the consumer sales and use tax to eight percent and repeals all personal income tax in the state. The bill modifies the tax rate for sales of tangible personal property and services, excluding gasoline and special fuel sales, which remain taxable at the rate of five cents on the dollar of sales. It also outlines the method of computation of tax on sales of gasoline and special fuel, and the calculation of tax on fractional parts of a dollar.
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