HB23-1063
Reduction Of State Income Tax Rate
| Type | Bill |
|---|---|
| Session | 2023 Regular Session |
| Subjects |
Concerning a reduction of the state income tax rate.
Bill Summary:
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.)
Prime Sponsors
Representative
Scott Bottoms
Committees
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Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 01/19/2023 | Introduced |
| Date | Version | Documents |
|---|---|---|
| 02/08/2023 | DN1 |
| Date | Amendment Number | Committee/ Floor Hearing | Status | Documents |
|---|---|---|---|---|
| 02/09/2023 | L.001 | HOU State, Civic, Military, & Veterans Affairs | Lost |
| Date | Location | Action |
|---|---|---|
| 02/09/2023 | House | House Committee on State, Civic, Military, & Veterans Affairs Postpone Indefinitely |
| 01/19/2023 | House | Introduced In House - Assigned to State, Civic, Military, & Veterans Affairs |