HB0357 Summary

• Reduces individual income tax rate from 5% to 3% for taxable years beginning on or after January 1, 2017.

• Reduces corporate income tax rate from 7% to 4.8% for taxable years beginning on or after January 1, 2017.

• Makes corresponding changes to the distribution of tax proceeds to local governments and other state funds to reflect the lower tax rates.

• Becomes effective immediately upon passage.