HB 623 (2019)

Increases the business profits tax rate from 7.7 percent to 8.5 percent and reduces the business enterprise tax rate from 0.6 percent to 0.5 percent. The bill also repeals planned future decreases in the business profits and business enterprise taxes. The House amended the bill to freeze the business profits and business enterprise tax rates at the levels paid for tax year 2018, 7.9% and 0.675% respectively.