Prevents the personal income tax rate from exceeding 7%. This replaces the current provision in the state constitution capping income tax rates at 10%.
Interestingly, the state House and Senate disagreed on what level the cap should be. The initial bill from the Senate would have set the cap at 5.5%, roughly where the tax rate is set for 2018. The House didn’t agree, worried that such a low cap would constrain the state should economic conditions change. That argument won out.