TAX: Reduces individual and corporate income tax rates and imposes sales and use tax on certain services

House Bill 666 proposes to reduce individual, corporate, and estate/trust income tax rates. It also levies a new five percent state sales and use tax on telecommunications, cable television, and satellite services, which will replace any local sales taxes on these services. Additionally, the bill expands the sales and use tax to include services such as lobbying, consulting, and private investigations. These new state sales tax revenues will help fund the newly established Local Revenue Fund, which aims to offset losses for local ad valorem tax recipient bodies due to business inventory exemptions.