TAX/INCOME TAX: Reduces the rate of individual income tax incrementally over a period of time before ultimately eliminating the tax (OR DECREASE GF RV See Note)

HB 333 gradually reduces Louisiana's individual income tax rate over time, eliminating the tax entirely by 2040. Starting in 2026, the tax rate decreases by 0.2% annually, moving from 2.8% in 2026 down to 0.2% in 2039, before ending completely for 2040 and later taxable years. This directly affects all Louisiana residents who pay individual income tax, as it changes the rate applied to their taxable income each year. The bill specifies exact annual rates (e.g., 2.6% for 2027, 2.0% for 2030) and takes effect for tax years beginning January 1, 2026.