Budget & Taxes
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S.B. 69 - Income Tax Amendments Reduces the corporate and individual income tax rate from 4.65% to 4.55%, a reduction in income tax funds of about $201.4 million in FY 2025 and $167.7 million in ongoing funding. Passed in Senate and House
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Cuts the corporate and individuals income tax rate from 4.95% to 4.85%, expand eligibility for the social security benefits tax credit by increasing the threshold for the income-based phaseout, and enacts a state earned income tax credit (though this EITC is nonrefundable, so it doesn’t impact most low-income individuals).
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