Issue Brief: The Taxpayer Accountability and Budget Stabilization Act (P.A. 96-1496)
RELEASED:
February 9, 2011
This Issue Brief provides an overview of the Taxpayer Accountability and Budget Stabilization Act (P.A. 96-1496), which took effect in fiscal year 2011. The Taxpayer Accountability and Budget Stabilization Act (i) increased the personal and corporate income tax rates; (ii) suspended the Net Operating Loss carry forward deduction for corporations; (iii) and, capped General Fund spending for fiscal years 2012-2015.
