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Committee introduces RS 32,013, a proposed income tax reduction
Summary
The House Revenue and Taxation Committee introduced RS 32,013 on Jan. 23, 2025; sponsor Speaker Mike Moyle described cuts to individual and corporate rates, a military retirement exemption, and a capital‑gains change for gold and silver. Committee members asked for fiscal clarifications before further action.
Speaker Mike Moyle introduced RS 32,013 to the House Revenue and Taxation Committee on Thursday, Jan. 23, 2025, saying the proposal would lower individual and corporate income tax rates, exempt more military retirement income and change capital‑gains treatment for gold and silver transactions.
Moyle, identifying himself as Speaker Mike Moyle, District 10, summarized the bill’s principal provisions and fiscal effects. "This 1 pertains to income taxes," Moyle said, adding the measure "lowers individual and corporate income tax rates" to what he described in committee as 5.3 and called the provision "roughly $240,000,000 in savings." He said the bill also would extend exemptions for certain military retirement income (which he estimated would cost about $12,000,000) and address capital‑gains treatment on gold and silver transactions.
The bill’s sponsor framed the proposal as part of a broader push for tax relief. "We've been trying to do all we can to…
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