SB 370 - This act phases out the corporate income tax over a period of years beginning with the 2026 tax year. Each annual reduction in the tax rate shall be by 0.8%, and beginning with the 2030 tax year there shall be no income tax on corporate income. This act is identical to SB 1029 (2024) and is similar to SB 823 (2024), HB 2274 (2024), SS/SCS/SBs 93 & 135 (2023), HB 1131 (2023), SB 701 (2022) , SB 393 (2021), and HB 2239 (2020), and to a provision in HCS/SS/SB 23 (2023), HCS/SS#3/SCS/SB 131 (2023), HCS/SS/SCS/SB 133 (2023), HCS/SS/SB 143 (2023), SCS/HCS#2/HB 713 (2023), HCS/HBs 816 & 660 (2023), and SB 18 (2022 First Extraordinary Session).
JOSH NORBERG