Modifies provisions relating to taxation

Summary

The proposal repeals parts of Article X and adds new rules that would stop the state from imposing any individual income tax once the top rate falls below 1.4% and the required revenue triggers are satisfied, effective no earlier than 2031. It also lets the General Assembly expand state and local sales and use taxes to cover the lost revenue, while requiring adjustments to other taxes and property levies to keep overall revenue stable and protect school funding. The changes would affect individual taxpayers, local governments, and entities that collect sales taxes.

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