Income Tax Rate Amendments

Summary

The bill sets a flat 4.45% corporate franchise tax with a $100 minimum and creates a two‑tier individual rate—4.45% on taxable income below an inflation‑adjusted $1 million threshold and 5.15% on income at or above that level. It revises the tax formulas for resident and nonresident individuals, estates, trusts, and a range of tax credits to use the new rates, and applies the changes retroactively to taxable years starting January 1 2026. The measure has been signed by the governor and will take effect on May 6 2026.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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