Abolishing the Corporate Income Tax
H.3085 and H.3163 would both abolish the state corporate income tax by gradually lowering the rate of the tax over four years until the tax is finally eliminated in 2018. Eliminating this tax would keep more than $300 million in the private economy every year. These retained funds could be invested to generate more economic growth. Abolishing the tax may also save money in other ways. Corporate officers will be less inclined to spend money lobbying for tax exemptions, or looking for existing tax loopholes, and more inclined to spend money on serving their customers and growing the size of their business.