Income taxes will likely go down with the passage of House Bill 337 Friday morning. Carried by House Speaker Brandon Ler, a Republican from Savage, the bill raises the income threshold for the higher income tax rate, so most of us see a decrease to 4.7%. The higher income tax rate is reduced to 5.65%
The measure also raises the earned income tax credit from 10% to 20%. In order to get the bill quickly to the Governor, the Senate removed the proposed amendments. The Governor has indicated he’ll sign the bill.
