Reduction Of State Income Tax Rate
The latest recorded action postponed this bill indefinitely. It is no longer advancing in this session.
- Stage
- In committee
- Started in
- House
- Latest action
- Feb 9, 2023
What it does
For income tax years commencing on and after January 1, 2024, the bill reduces both the individual and the corporate state income tax rates from 4.40% to 3.5%. The bill also exempts the rate reductions from the existing statutory requirements that tax expenditure legislation include a tax preference performance statement in a statutory legislative declaration and a repeal after a specified period of tax years. (Note: This summary applies to this bill as introduced.)
Where it stands
The latest recorded action postponed this bill indefinitely. It is no longer advancing in this session.
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
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