The proposed legislation, General Assembly Raised Bill No. 1528, mandates the Commissioners of Economic and Community Development and Revenue Services to conduct a study on various state taxes, including the personal income tax, sales and use taxes, the corporation business tax, and the affected business entity tax. The purpose of this study is to compare these taxes with those of surrounding states and to identify potential programmatic and legislative changes that could enhance the state's economic competitiveness. The commissioners are authorized to consult with relevant individuals, businesses, and state agencies to gather necessary information for the study.

The bill stipulates that the findings and recommendations from this study must be reported to the joint standing committees of the General Assembly responsible for commerce and finance, revenue, and bonding by January 1, 2026. The act will take effect upon passage, and it introduces new legal language to current law, specifically establishing a new section for this study. There are no deletions from existing law in this bill.