House Committee on State, Civic, Military, & Veterans Affairs Postpone Indefinitely (03/14/2022)
Bill Subjects
Fiscal Policy & Taxes
House Sponsors
Senate Sponsors
House Committee
State, Civic, Military and Veterans Affairs
Senate Committee
Date Introduced
01/12/2022
AI Summary
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.
