Phases out the corporate income tax

SB 16 proposes to gradually eliminate the state's corporate income tax over a set period. This bill directly affects corporations operating within the state that currently pay this tax. The key mechanism involves a phased reduction in the tax rate until it reaches zero, though the specific timeline isn't detailed in the abstract. As of now, the bill is in early legislative stages (prefiled and referred to committee), with no action taken on its passage.