SB20-020
Reduce The State Income Tax Rate
Concerning a reduction of the state income tax rate.
Session:
2020 Regular Session
Subject:
Bill Summary
Fiscal Policy & Taxes
For income tax years commencing on and after January 1, 2020, the bill:
- Reduces both the individual and the corporate state income tax rate from 4.63% to 4.49%; and
- Reduces the state alternative minimum tax by 0.14%.
(Note: This summary applies to this bill as introduced.)