Constitution, Art. IX, §24 is enacted to read:

Section 24.__Income tax rate reduction.__Taxes on personal income in this State may not exceed the following.

1.__Maximum rates.__Maximum income tax rates on individuals may not exceed the following amounts.

A.__For income tax years beginning in 2006, the maximum rate of tax is 7.5%.

B.__For income tax years beginning in 2007, the maximum rate of tax is 6.5%.

C.__For income tax years beginning in 2008, the maximum rate of tax is 5.5%.

D.__For income tax years beginning in 2009, the maximum rate of tax is 4.5%.

E.__For income tax years beginning in 2010, the maximum rate of tax is 3.5%.

2.__Exemption amounts.__In addition to any other exemptions and deductions permitted by law, individuals filing married joint income tax returns are entitled to the following exemptions.__ Persons filing as single taxpayers are entitled to exemptions equal to 50% of the following amounts.__Persons filing as heads of household are entitled to exemptions equal to 75% of the following amounts.

A.__For income tax years beginning in 2006, the exemption amount is $4,000.

B.__For income tax years beginning in 2007, the exemption amount is $8,000.

C.__For income tax years beginning in 2008, the exemption amount is $12,000.

D.__For income tax years beginning in 2009, the exemption amount is $16,000.

E.__For income tax years beginning in 2010, the exemption amount is $20,000.