HB 624 Summary

• Sets individual income tax rate to zero for single filers earning up to $150,000, married couples filing jointly earning up to $300,000, and heads of household earning up to $225,000.

• Applies higher progressive tax rates (9-11%) only to income exceeding these thresholds, with rates ranging from 9% to 11% on income above $150,000 (single), $300,000 (married), and $225,000 (head of household).

• Replaces previous tax brackets and rates that imposed taxes on all income levels with graduated rates starting as low as 1.4%.

• Effective for taxable years beginning after December 31, 2023.