The main purpose of this legislation, known as the Cost of Living Tax Cut Act, is to adjust individual income tax rates based on regional differences in the cost of living. This means that people living in areas where the cost of living is higher or lower will have their tax rates modified to better reflect their financial circumstances. Key provisions of the Act include the introduction of regional cost-of-living adjustments to the income tax rate tables. Starting in 2027, the tax brackets will be adjusted according to a multiplier that reflects the cost of living in an individual's area.