2025 Regular Session - Day 2 - HB 1, Rep. Jason Petrie

um you will have seen something like this in the past um in 2018 the general assembly started the path on individual income tax rate reduction as a tax reform uh in 22 a formula was put in place we have acted upon that formula more than once it is before this body again per formula is a good methodical thoughtful cautious approach to reducing the individual income tax rate to zero over time but not so fast that we hurt ourselves or more importantly our constituents for essential services to be rendered to them uh this would propose and put into effect a further reduction beginning January 1 of 2026 a reduction from 4% to 3 and a half% on the individual income tax rate again this is another iteration of what we have been engaged in for m multiple years and I would move for final Passage