Franchise Tax Board Updates 2012 Tax Tables for Proposition 30 Tax Increases
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Public Affairs Office
For Immediate Release
Sacramento – The Franchise Tax Board (FTB) today updated the 2012 tax rate schedules 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 retroactively to 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 are available on our website.