California Tax Update - Proposition 30

by hbllp 8. November 2012 11:09

Proposition 30, approved by California voters on November 6, 2012, retroactively increases California individual income taxes effective January 1, 2012.  The new California tax rates below will be effective until the end of 2018.

  •  Individuals (and Married Filing Single) with taxable income of $250,001 to $300,000, Heads of Household with taxable income of $340,001 to $408,000, and joint filers with taxable income of $500,001 to $600,000 - 1% increase from 9.3% to 10.3%.
  • Individuals (and Married Filing Single) with taxable income of $300,001 to $500,000, Heads of Household with taxable income of $408,001 to $680,000, and joint filers with taxable income of $600,001 to $1,000,000 - 2% increase from 9.3% to 11.3%.
  • Individuals (and Married Filing Single) with taxable income over $500,000, Heads of Household with taxable income over $680,000, and joint filers with taxable income over $1,000,000 - 3% increase from 9.3% to 12.3%.

When you factor in the additional 1% tax for incomes over $1,000,000 under the previously approved California Mental Health Services Tax, filers with taxable income over $1,000,000 will be subject to a California income tax rate of 13.3%.

We hope this information helps clarify the recently passed Proposition 30.  If you would like further information or help with your tax planning, please contact us at info@hbllp.com.

Pingbacks and trackbacks (1)+

Add comment




  Country flag
biuquote
  • Comment
  • Preview
Loading


Calendar

<<  September 2014  >>
MoTuWeThFrSaSu
25262728293031
1234567
891011121314
15161718192021
22232425262728
293012345

View posts in large calendar