(Jan. 18, 2024) – The tax compromise bill contained in House Bill 2284 is the compromise tax plan worked on early in session between House and Senate Tax Committee leaders. The bill now contains provisions held over from the tax plan from 2023, including the single rate for state income tax and the standard deduction indexing. The plan also includes:

• Additional provisions such as exempting social security income from state income tax
• Expediting the elimination of the food ingredient sales tax
• Including residential property tax exemptions up to $100k from the state portion of the property taxes.

The legislation passed the Senate yesterday on a vote of 25-11, and passed the House today on a vote of 81-37. The bill will now go to the governor in the coming days.