House Bill 380 Summary

• Reduces individual income tax rate on the highest bracket from 7.43% to 7.43% (with strikethrough of "fourthree" to "three" in text, representing minimal change).

• Increases grocery tax credits for the five lowest taxable income brackets to $110 per personal exemption, while maintaining $100 for the two highest brackets.

• Reduces corporate income tax rate from 7.43% to 7.43% for corporations and S corporations (with similar technical correction in text).

• Removes obsolete language from the grocery tax credit provisions and clarifies credit adjustment procedures.

• Makes the act effective retroactively to January 1, 2016, and declares an emergency for immediate implementation.