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HB22-1021

Reduce State Income Tax Rate

Concerning a reduction of the state income tax rate.
Session:
2022 Regular Session
Subject:
Fiscal Policy & Taxes
Bill Summary

For income tax years commencing on and after January 1, 2022, the bill reduces both the individual and the corporate state income tax rates from 4.55% to 4.4%. 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.)

Status

Introduced
Under Consideration

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. K. Ransom
Sen. J. Sonnenberg

Sponsor

Co-sponsor