The expansion state ceiling falls from 5.5 percent to 3.5 percent
What the document says“for fiscal year 2028, 5.5 percent;”
The section sets the ceiling for an expansion State at 5.5 percent for fiscal year 2028, 5 percent for 2029, 4.5 percent for 2030, 4 percent for 2031, and 3.5 percent for fiscal year 2032 and each year after. A tax already in effect at enactment on a class described in paragraph (3) or (4) of the regulation, and within the hold harmless threshold, keeps its own determined percent instead.
What the document actually says“for fiscal year 2028, 5.5 percent;”
For fiscal year 2028 the figure is 5.5 percent.
It drops half a point each year after. By fiscal year 2032 it reaches 3.5 percent. It stays there from then on.
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