SB 7 - Beginning with the 2023 calendar year, this act provides that the top rate of income tax shall be 4.7%. Additionally, beginning with the 2024 calendar year, this act provides that the top rate of income tax may be further reduced by 0.8% over a period of years, with each 0.1% reduction becoming effective if the amount of net general revenue collected in the previous fiscal year exceeds the highest amount of net general revenue collected in any of the three fiscal years prior to such fiscal year by at least $150 million. This act shall become effective January 1, 2023.
JOSH NORBERG