The proposed legislation, General Assembly Raised Bill No. 1528, mandates the Commissioners of Economic and Community Development and Revenue Services to conduct a comprehensive study of various state taxes, including the personal income tax, sales and use taxes, the corporation business tax, and the affected business entity tax. The objective of this study is to compare these taxes with those of surrounding states in order 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 as needed to fulfill the study's goals.

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 without any deletions from existing statutes.