Eliminates the individual income tax

SB 146 would eliminate the state's individual income tax, meaning residents would no longer pay taxes on personal earnings like wages or investments. This change would directly affect all individuals who currently pay state income tax, removing a significant source of state revenue. The bill is currently pending in the Economic and Workforce Development Committee after its first reading and committee hearing. It does not specify exemptions or alternative funding mechanisms, focusing solely on removing the tax obligation.