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Committee advances two-phase income tax cut reducing top rates to 6.6% then 5.9%
Summary
The committee approved SB211, a two-phase income tax bill that lowers the top bracket rate to 6.6% in the first year and to 5.9% in a later year while adjusting middle-table rates and indexing for CPI; the sponsor described the measure as the product of negotiation and compromise.
Senate Bill 211, a multi-part income tax bill described by the presenter as a negotiated, two-phase measure, was advanced by the Senate Revenue & Tax committee.
The presenter summarized the bill’s principal provisions: a two-stage reduction in the top income tax rate — to 6.6% in the first year and to 5.9% in a later year — and an immediate reduction in the top rate of the middle income table from 6% to 5.9% in the first year. The bill also includes adjustments tied to the consumer price index to address future thresholds; the presenter noted the middle/upper threshold differences and the possibility of CPI-related differences in future years.
Committee members offered no extended debate on the floor of the committee; a motion and second were made and the bill passed by voice vote. The presenter said he expected "equivalent debate on the floor" when the measure reaches the full chamber.
The transcript records the committee’s approval by voice vote and the chair’s adjournment of the meeting. The record contains no roll-call tally or detailed fiscal estimates in committee discussion.
