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Senate subcommittee approves bill to accelerate income-tax cut to 4.99%
Summary
The committee passed House Bill 1001 (LC 590226EC), a governor-sponsored measure to accelerate the scheduled income-tax reduction to 4.99% earlier than planned; sponsor said higher-than-projected tax receipts permit moving the date up to 2026. Motion passed with one opposed.
Representative Wade presented House Bill 1001 (LC 590226EC), a governor-sponsored bill to accelerate the planned income-tax cut to 4.99%. The sponsor described the change as an acceleration of a policy the legislature has pursued before and said it moves the target tax year forward from 2029 to about 2026 because recent revenues exceeded projections.
Wade framed the bill as fulfilling a campaign promise and said the Department of Revenue could implement the change "with existing resources," a proposal he attributed to stronger-than-expected tax collections. Committee members asked about Fiscal Research Center analysis and implementation capacity; the sponsor pointed to recent revenue trends as the basis for the department's ability to absorb the change.
Senator Albers moved to pass the bill and Senator Hodges seconded. The committee voted to pass House Bill 1001; the chair reported one opposed and declared the motion carried. The sponsor identified himself as the bill sponsor after the vote and the committee moved on to other business.
