The state released it's new budget which shows a major deficit, but income taxes might be cut. A new bill for the upcoming legislative session would cut state income tax rates for people earning $50,000 or more a year.

State senator Barrow Peacock, the man behind the bill, says the income tax rate would reduce from 6 to 4% over the next four years. He says that this reduction would assist the state in competing for business with other states.