Personal income tax: rate.

The Personal Income Tax Law, in modified conformity with federal income tax law, imposes taxes on taxable income, as provided.

This bill, for taxable years beginning on or after January 1, 2025, and before January 1, 2030, would revise the income tax rates and taxable income brackets by imposing an income tax rate of 1%, 3%, 5%, or 7%, instead of 2%, 4%, 6%, or 8%, as applicable, on specified taxable income.

This bill would take effect immediately as a tax levy.