S.B. 995 Summary

• Increases the general excise tax rate from 4% to 5% across multiple business categories, effective July 1, 2023
• Establishes a new teacher salary special fund within the Department of Education to receive appropriated revenues
• Requires 50% of revenues generated from the general excise tax increase be deposited into the teacher salary special fund and 50% into the school facilities special fund
• Applies the 1% rate increase to manufacturers, retailers, contractors, amusement operators, service businesses, sales representatives, and other taxable businesses
• Maintains existing wholesale tax rates at 0.5% and existing deductions and exemptions under general excise tax law