A bill written to reduce state corporate taxes for certain small- and medium-sized businesses moved out of House Labor and Commerce Committee on Thursday.
House Bill 68 Corporate Income Tax is sponsored by Rep. Shelley Hughes, R-Palmer. She presented her bill to the House Committee on Labor and Commerce.
If passed, the bill would change the ranges of the state’s 10 corporate tax brackets for type C corporations — the change would not affect limited liability corporations or S corporations.
“We have about 5,000 C corps that this would apply to,” Hughes said.