Income Tax Cut

STATEMENT OF PURPOSE

The purpose of this legislation is to eliminate tax on the first $750 of individual income, reduce the rate on the highest individual bracket to 7.2% and reduce the corporate income tax rate from 7.4% to 7.2%.

FISCAL NOTE

This legislation will reduce general fund revenues by a total of $51.2 million for fiscal year 2017, of which 45.8 million is for the individual rate reduction and $5.4 million is for the corporate rate reduction.

Link to Bill

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