Senate Bill 2989 Summary

• Freezes the phase-in of individual income tax cuts at 2023 levels, preventing scheduled reductions in tax rates on income above $10,000 that were set to occur in 2024-2026.

• Freezes the phase-out of the corporation franchise tax at the 2024 rate of $1.00 per $1,000 of capital (over $100,000 threshold), preventing further reductions scheduled for 2025-2027.

• Repeals the 2016 law provision that scheduled the complete repeal of the corporation franchise tax on January 1, 2028.

• Effective date: January 1, 2024.