House File 2317, signed into law by Governor Kim Reynolds on March 1, 2022, creates or modifies the following individual income tax provisions. It provides one irrevocable election to exclude from state income tax the net  capital gain from the sale of stock. Excludes certain farm lease payments, certain capital gains of retired farmers, and retirement income for individuals 55 years of  age or older or disabled.The rate reduces over a three-year period then converts to a flat tax rate. The provisions apply to tax years beginning on or after January 1, 2023, and some of the changes are phased in over a number of years. This means that HF 2317 does not impact your tax returns due on May 2, 2022.