SB 1029
Phases out the corporate income tax
Sponsor:
LR Number:
4090S.01I
Last Action:
4/24/2024 - Formal Calendar S Bills for Perfection
Journal Page:
Title:
Effective Date:
August 28, 2024

Current Bill Summary

SB 1029 - This act phases out the corporate income tax over a period of years beginning with the 2025 tax year. Each annual reduction in the tax rate shall be by 0.8%, and beginning with the 2029 tax year there shall be no income tax on corporate income.

This act is similar to SS/SCS/SBs 93 & 135 (2023), HB 1131 (2023), SB 701 (2022) , SB 393 (2021), and HB 2239 (2020), and to a provision in HCS/SS/SB 23 (2023), HCS/SS#3/SCS/SB 131 (2023), HCS/SS/SCS/SB 133 (2023), HCS/SS/SB 143 (2023), SCS/HCS#2/HB 713 (2023), HCS/HBs 816 & 660 (2023), and SB 18 (2022 First Extraordinary Session).

JOSH NORBERG

Amendments

No Amendments Found.