This proposed law would repeal the law setting the state personal income tax rate on Part B taxable income (such as wages and salaries), which was 5.95% as of September 1,1999 and would set the rate at 5.6% for tax year 2001, 5.3% for tax year 2002, and 5% for tax year 2003 and after. If the Legislature set a lower rate for any of those years, that lower rate would apply.

The proposed law states that if any of its parts were declared invalid, the other parts would remain in effect.