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SB 23 - Current law provides for reductions to the top rate of income tax to an eventual rate of 4.8% over a period of years, contingent on meeting certain net general revenue collection triggers. This act repeals all such scheduled reductions and reduces the top rate of income tax to 4.8% beginning in the 2023 calendar year. This act also provides for further reductions of 0.2% until the income tax is eliminated. Such reductions shall only be 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 $200 million. This act shall become effective on January 1, 2023. JOSH NORBERG
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