A bill that would reduce taxes by approximately $3 billion a year has passed the state senate.
Senate Majority Leader Joe Pittman joined his fellow Senate Republican Leaders in announcing the passage of Senate Bill 269, which aims to reduce the Personal Income Tax rate from 3.07% to 2.8%, and would also eliminate the Gross Receipts Tax on energy starting the first day of 2025. According to the statement from Pittman, Senate President Pro Tempore Kim Ward, and Appropriations Committee Chair Scott Martin, the tax cuts represent the largest tax cut for working families in the state’s history, and that the cuts are a continuation of their effort to protect taxpayers against unnecessary tax increases.
Pittman said that there has been a lot of talk in the state government about an additional $3 billion of additional spending, and Pittman believes it should be invested in the taxpayers. He said that “Lower tax structures help to further grow an economy, and in this case, would lift all boats.”
