tax rates; reductions

Reduced the truth-in-taxation rate for school districts by 1.2015% to lower property tax levies for the 2025 fiscal year.

Updated individual income tax rates to 2.47% for taxable years beginning after December 31, 2025.

Set small business tax rate at 2.47% for taxable years beginning after December 31, 2025.

Established trust tax rate at 2.47% for taxable years beginning after December 31, 2025.

Set individual income tax rate at 2.5% for taxable years from 2022 through 2025.

Set small business tax rate at 2.5% for taxable years from 2022 through 2025.

Set trust tax rate at 2.5% for taxable years from 2022 through 2025.

Added requirement for legislature to adopt concurrent resolution with two-thirds vote if qualifying tax rates exceed truth-in-taxation rates.

Added cap on qualifying tax rates at $2.1265 for common/high school districts and $4.253 for unified districts.