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HB24-1065

Reduction of State Income Tax Rate

Concerning a reduction of the state income tax rate.
Session:
2024 Regular Session
Subject:
State Revenue & Budget
Bill Summary

For income tax years commencing on and after January 1, 2025, the bill reduces both the individual and the corporate state income tax rates from 4.40% to 4.0%. 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 repeal after a specified period of tax years.


(Note: This summary applies to this bill as introduced.)

Status

Introduced
Lost

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. S. Bottoms, Rep. R. Pugliese
Sen. B. Kirkmeyer

Sponsor

Co-sponsor

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