For income tax years commencing on and after January 1, 2024, the bill reduces both the individual and the corporate state income tax rates from 4.40% to 3.5%. 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.
(Note: This summary applies to this bill as introduced.)

Statutes affected:
Introduced (01/19/2023): 39-21-304, 39-22-104, 39-22-301