HI HB2667

Reduces corporate income tax rates by 50 percent: from 4.4% to 2.2% on income not over $25,000, from 5.4% to 2.7% on income over $25,000 but not over $100,000, and from 6.4% to 3.2% on income over $100,000.

Reduces the optional gross sales tax rate for qualifying multi-state corporations from 0.5% to 0.25% on annual gross sales not exceeding $100,000.

Applies the same reduced tax rates to regulated investment companies and real estate investment trusts.

Requires 50% of corporate income tax revenues to be allocated to the Department of Business, Economic Development, and Tourism and 50% to the state general fund, effective January 1, 2017.

Effective date: July 1, 2016.