Increases gross income tax rates for taxpayers with taxable income exceeding $2,000,000.

Summary

The bill amends the state’s gross income tax schedule to add higher rates for individuals, estates and trusts whose taxable income exceeds $2 million. New brackets impose a 12% rate on income over $2 million, a 13% rate on income over $5 million, and higher rates for even larger incomes. It targets high‑income taxpayers to increase state revenue.

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