Income tax cut
House Bill 2032 lowers the top personal income tax rate from 5.25 to 5 percent on Jan. 1, 2015. The cut would save the average taxpayer about $82 per year.
It also lowers the top personal income tax rate from 5 to 4.85 percent on Jan. 1, 2016. This cut is contingent on total revenue growth in the 2016 fiscal year being equal to or greater than the 2016 fiscal year impact of the 0.15 percent tax cut.