LD 1671 LR 952(02)
An Act to Reduce the Income Tax to 4.5 Percent on the Lowest Tax Bracket and Remove Low-income Families from Taxation
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
FY 2023-24 FY 2024-25 Projections  FY 2025-26 Projections  FY 2026-27
Net Cost (Savings)
General Fund $251,931,500 $189,287,500 $209,522,500 $235,362,500
General Fund $134,000 $0 $0 $0
General Fund ($251,797,500) ($189,287,500) ($209,522,500) ($235,362,500)
Other Special Revenue Funds ($13,252,500) ($9,962,500) ($11,027,500) ($12,387,500)
Fiscal Detail and Notes
This bill reduces the individual income tax rate imposed on the lowest bracket of individual income from 5.8% to 4.5% for tax years beginning on or after January 1, 2023. It will reduce General Fund revenue by $251,797,500 in fiscal year 2023-24 and $189,287,500 in fiscal year 2024-25.

The bill includes a one-time General Fund appropriation to the Department of Administrative and Financial Services, Bureau of Revenue Services for administrative costs to implement the changes to the individual income tax.