HB 256

Abstract

This Act adjusts the existing tax brackets and the tax rate for each bracket, combining some existing brackets and creating 2 new brackets. The 2 new brackets are taxed at the highest rates, but by combining some existing brackets, this Act also slightly increases or decreases the tax rate for some incomes. Under current law, taxable income in excess of $60,000 is taxed at a rate of 6.6%. Under this Act, for taxable years beginning after December 31, 2020, income between $60,000 and $125000 will continue to be taxed at a rate of 6.6%, but income above $125,000 will be taxed as follows: 1. In excess of $125,000 but not in excess of $250,000, at 6.75%. 2. In excess of $250,000, at 6.95%