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Senate committee advances broad tax overhaul: 3% flat personal tax, 6% corporate rate, eliminate franchise tax
Summary
A Senate Revenue and Fiscal Affairs committee advanced multiple bills Nov. 19 that together flatten personal income tax to 3%, set a negotiated corporate income tax at 6%, eliminate the franchise tax and change several tax credits and sunsets; members adopted technical and policy amendments and rejected a foreign trade zone protection amendment.
The Senate Committee on Revenue and Fiscal Affairs on Nov. 19 approved several bills and amendments to consolidate a broad tax package that sponsors say will lower rates while capping or reshaping credits. Chairwoman Emerson and staff said the package moves the state to a single 3% personal income tax bracket, increases the standard deduction and removes so-called automatic “triggers” that would lower rates without a legislative vote.
The committee also reported House Bill 2 as amended, setting the corporate income tax at a flat 6% under amendment set 97. Chairwoman Emerson said the 6% figure replaces an earlier step-down schedule and that the rate will remain in effect “until the legislature makes further changes.” Secretary Richard Nelson and fiscal staff described a suite of coordinated adjustments — including…
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