AN ACT ESTABLISHING AN ADDITIONAL MARGINAL RATE FOR THE PERSONAL INCOME TAX AND DEDICATING THE REVENUE GENERATED TO CERTAIN PURPOSES.

HB 5117 would impose an additional 4% tax on personal income exceeding $1 million annually, directly affecting high earners in that bracket. The revenue generated must be dedicated to specific public services, including free school meals, school construction, higher education funding, childcare support, higher wages for childcare workers, baby supplies, and repairs for roads, bridges, public transit, and free transit access. This bill creates a new tax category for top earners to fund targeted education, childcare, and infrastructure improvements without altering existing tax rates for lower-income individuals.