Legislators advance tax cut bills, handle other business
by September 13, 2023 8:25 pm 498 views
Photo courtesy of Marine Glisovic.
While two new companion Freedom of Information Act measures advanced on Wednesday (Sept. 13), state lawmakers also conducted other business in a special session, including mirror tax cut proposals.
The House Revenue and Tax committee approved HB 1007, which reduces the top personal income tax rate from 4.7% to 4.4%. It reduces the corporate income tax rate from 5.1% to 4.8%.
In addition, the bill provides an income tax credit of $150 to taxpayers making less than $90,000 annually. The credit would be retroactive to January 1, 2023.
State Senators passed a companion bill on this tax policy Tuesday.
A bill was also passed in both chambers to create a reserve fund for more than $710 million in surplus funds for later use.
Senators and House members also advanced a bill that prohibits state government from mandating a vaccination or immunization for COVID-19. That measure also instructs the Department of Health to maintain publicly available information on potential risks of COVID-19 vaccines.
Other bills moving through the House and Senate in the special session involves a measure to remove conflicting language related to locked doors during school fire drills and a bill to clarify sentencing for a felony with a firearm.
Legislators are expected to complete the special session on Thursday.