Income Tax Rate Amendments

Summary

The bill lowers the corporate franchise tax rate to 4.45% and sets a two‑tier individual tax rate of 4.45% below $1 million and 5.15% above that amount, which is adjusted for inflation. It applies to corporations, individuals, estates, trusts and pass‑through entities, and it operates retroactively. The change is intended to simplify the tax structure and increase revenue from high‑income earners.

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