The House convened this afternoon for the fourth day of the third extraordinary session.
Today, the House considered House Bill 301, which reduces personal income tax rates. The bill applies rates retroactively to January 1, 2022.
The rate changes in the bill for individuals (except married individuals filing separately), individuals filing join, heads of households, estates, and trusts are as follows:
-
-
- Under $10,000 – from 3 percent to 2 percent
- Above $10,000 but below $25,000 – from 4 percent to 3.7 percent
- Above $25,000 but below $40,000 – from 4.5 percent to 4.2 percent
- Above $40,000 but below $60,000 – from 6 percent to 5.5 percent
- Above $60,000 – from 6.5 percent to 5.98 percent
-
The rate changes in the bill for married individuals filing separately are as follows:
-
-
- Under $5,000 – from 3 percent to 2 percent
- Above $5,000 but below $12,500 – from 4 percent to 3.7 percent
- Above $12,500 but below $20,000 – from 4.5 percent to 4.2 percent
- Above $20,000 but below $30,000 – from 6 percent to 5.5 percent
- Above $30,000 – from 6.5 percent to 5.98 percent
-
Amendments were offered and rejected. The bill advances to the Senate with a vote of 78-7 (with 15 absent).
Senate Bill 3001 was read for the second time today. House Bill 304 was read for the first time.
