HB 22-1021

Abstract

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. (Note: This summary applies to this bill as introduced.)