HB 1221 (2022)
Cut Business Profits Tax to 7.5%
Reduces the Business Profits Tax rate from 7.6% to 7.5% and the Business Enterprise Tax rate from 0.55% to 0.50% for taxable periods ending on or after December 31, 2023.
The House amended the bill to only cut the Business Profits Tax to 7.5%.
The Senate amended the bill to also provide towns and cities with 7.5% of their retirement contribution costs for teachers, police officers, and firefighters for one year.