HB22-1021 - Reduce State Income Tax Rate

Summary

For income tax years commencing on and after January 1, 2022, the bill reduces both the individual and the corporate state income tax rates from 4.55% to 4.4%. 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.

Status

Introduced, Under Consideration in House State, Civic, Military & Veterans Affairs Committee

Prime Sponsors

🔴Sen. Jerry Sonnenberg (R) – Senate District 1
🔴Rep. Kim Ransom (R) – House District 44