Democrat proposals

House Republican Proposals

Enact statewide property tax on certain residential properties (S.B. 776)

Cut the income tax from 5% to 4% for families making less than $175,000 a year. (HB 5310)

Ammunition tax (H.B. 5653)

Index state income tax brackets to inflation so personal income doesn’t lose value due to inflation. (HB 5310)

Increase marginal tax rates, enact capital gains surcharge (S.B. 774)

Repeal the highway use tax on trucks that will only drive up the costs of consumer goods and services. (HB 5290)

Increase marginal tax rates, enact capital gains surcharge (S.B. 774)

Reduce the sales tax to adjust annually for increased revenues due to inflation and eliminate the 1% meals tax. (HB 5291)

Statewide property tax on commercial & residential property
(H.B. 5668)

Allow long-term care insurance premiums to be deducted from the state income tax. (HB 5292)

5 percent surcharge on capital gains (H.B. 5657)

Reduce the annual business reporting fees paid by small businesses to the Secretary of State. (HB 5306)

Create a wealth tax (H.B. 5422)

Restore the Pass-Through Entity Tax Credit multiplier to 93.01% after the 2019-2020 budget reduced it to 87.5%. The point of pass-through entities was to help taxpayers shift their state tax burden away from the individual tax filer to accommodate federal tax reforms that limited an individual’s state and local tax (SALT) deductions to $10,000. (HB 5293)

Hire 50 new tax auditors; increase income taxes on wealthy earners (H.B. 5673)

Repeal taxes and fees which cost more to collect than the revenue they generate. (HB 5294)

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