Bill
LC 2066
Overview: Bill Number: LC 2066, Title: Generally revise tax laws, Status: (LC) Draft Died in Process, Introduced: November 29, 2024Purpose and Intent: This draft legislation aims t
Overview: Bill Number: LC 2066, Title: Generally revise tax laws, Status: (LC) Draft Died in Process, Introduced: November 29, 2024
Purpose and Intent: This draft legislation aims to make broad revisions to the state's tax laws. The primary goals are to simplify the tax code, close loopholes, and ensure more equitable distribution of the tax burden.
Key Provisions:
- Consolidate and streamline various tax credits and deductions
- Increase the state's top marginal income tax rate for high-income earners
- Impose a new tax on certain types of financial transactions
- Expand the state sales tax to cover more services and digital goods
- Increase taxes on tobacco and vaping products
Affected Parties and Impacts:
- High-income individuals would see an increase in their state income taxes
- Consumers would pay more for some services and digital purchases due to the expanded sales tax
- Tobacco and vaping product users would face higher prices due to the tax increases
Procedural and Timeline Considerations: This bill was introduced as a draft legislative concept (LC) but did not advance further in the legislative process before the session ended.
Compiled from official sources — confirm details with the bill’s official record.
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