Repeals state taxes levied on the taxable income of individuals and corporations and repeals tax credits, exemptions, deductions, and exclusions (OR DECREASE GF RV See Note)
Provides for the rate of the state sales and use tax and for exemptions, exclusions, credits, and rebates claimed against sales and use taxes; and provides for a flat rate of income tax for individuals, estates, and trusts, increases the standard deduction, and modifies or repeals certain income tax deductions and credits (Items #5, 6, and 8) (EN SEE FISC NOTE RV See Note)
Increases the net taxable estate exemption to $3,600,000 on January 1, 2026 and increases the exemption by $1,000,000 on January 1, 2027, and every year thereafter.
Income tax, state; decreases certain taxes, increases amount of tax credit.
Income tax, state; decreases certain taxes, increases amount of tax credit.
Income tax, state; decreases certain taxes, increases amount of tax credit.
Income tax, state; decreases certain taxes, increases amount of tax credit.
Increases the net taxable estate exemption to four million dollars ($4,000,000) for deaths that occur on or after January 1, 2025.
Increases the net taxable estate exemption to four million dollars ($4,000,000) for deaths that occur on or after January 1, 2026.
Increases the net taxable estate exemption to four million dollars ($4,000,000) for deaths that occur on or after January 1, 2026.