relative to the rates of the business profits tax, business enterprise tax, communications service tax, and meals and rooms tax.

This bill, known as the Consumer Tax Relief Act, proposes reducing several state taxes on businesses and communications services over a multi-year period. It lowers the business profits tax rate from 7.4 percent to 7.0 percent by 2029 and reduces the business enterprise tax rate from 0.45 percent to 0.25 percent by 2027. Additionally, the legislation phases down the communications services tax from 7 percent to 1.75 percent starting in 2024 and completely repeals the tax by 2027. The bill also updates administrative rules regarding tax understatements, tax expenditure reporting, and property taxation for public utilities.