HB24-1065
Reduction of State Income Tax Rate
| Type | Bill |
|---|---|
| Session | 2024 Regular Session |
| Subjects |
Concerning a reduction of the state income tax rate.
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.)
Committees
House
Finance
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 01/10/2024 | Introduced |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.001 (Attachment B). | The motion passed on a vote of 6-5. | Vote summary |
| Refer House Bill 24-1065, as amended, to the Committee on Appropriations. | The motion failed on a vote of 5-6. | Vote summary |
| Postpone House Bill 24-1065 indefinitely using a reversal of the previous roll call. There was no objection to the use of the reverse roll call, therefore, the bill was postponed indefinitely. | The motion passed on a vote of 6-5. | Vote summary |
| Date | Amendment Number | Committee/ Floor Hearing | Status | Documents |
|---|---|---|---|---|
| 02/12/2024 | L.001 | HOU Finance | Passed [*] |
| Date | Location | Action |
|---|---|---|
| 02/12/2024 | House | House Committee on Finance Postpone Indefinitely |
| 01/10/2024 | House | Introduced In House - Assigned to Finance |