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HB 1221 (2022)
Cut Business Profits Tax to 7.5%
Summary:
Reduces the Business Profits Tax rate from 7.6% to 7.5% and the Business Enterprise Tax rate from 0.55% to 0.50% for taxable periods ending on or after December 31, 2023.
The House amended the bill to only cut the Business Profits Tax to 7.5%.
The Senate amended the bill to also provide towns and cities with 7.5% of their retirement contribution costs for teachers, police officers, and firefighters for one year.
Bill Became Law?:
Yes
Status:
Status Detail:
Signed by Governor
Public Hearing Date:
04/06/2022 10:00 am
Public Hearing Location:
LOB Room 101
House Voting Date:
03/15/2022
Senate Voting Date:
05/26/2022
