If submitted, such a bill would likely trigger a lawsuit which could end up determining whether income is considered property.

House Democrat Noel Frame is the chairman of the State Tax Structure Work Group, she plans to submit a report to the legislature next month on possible changes to the state's tax codes. In past sessions, she has submitted bills that would create a capital gains tax.

Apparently the legislature is also considering replacing the Business and Occupation Tax with a corporate income tax, but the rate would be so high it would be a big obstacle to get over.

IF a personal income tax as well as corporate income tax were implemented, at a rate of 4.75 percent, it would generate over $24 billion in revenue, and allow the state to eliminate both the state property tax and B&O tax entirely.

However, the prospect of a personal income and corporate income tax are big enough to potentially drive not only companies but citizens out of the state, lessening the incoming revenue.

To read more about these tax proposals, click on the button below.

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