HB24-1065
Reduction of State Income Tax Rate
| Type | Bill |
|---|---|
| Session | 2024 Regular Session |
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.)
Prime Sponsors
Representative
Scott Bottoms
Committees
House
Finance
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 01/10/2024 | Introduced |
| Date | Location | Action |
|---|---|---|
| 02/12/2024 | House | House Committee on Finance Postpone Indefinitely |
| 01/10/2024 | House | Introduced In House - Assigned to Finance |