AN ACT CONCERNING THE PERSONAL INCOME TAX MARGINAL RATES, THE ASSET EXPENSE DEDUCTION FOR CORPORATIONS AND THE LIMIT OF BOND ISSUANCES THE STATE BOND COMMISSION MAY AUTHORIZE.
Sponsored By: Ryan Fazio (Republican)
Failed
Summary
To (1) reduce the marginal rates for the personal income tax and allow an eligible taxpayer to claim the entirety of an asset expense deduction under Section 179 of the Internal Revenue Code at once rather than incrementally, for taxable and income years commencing January 1, 2028, (2) establish a task force to develop a plan to implement the specified personal income tax rate reductions in a revenue-neutral way, and (3) limit the amount of bond issuances the State Bond Commission may authorize to not more than the amount of estimated revenue projected for the fiscal year divided by fifteen.
Personalized for You
How does this bill affect your finances?
Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Ryan Fazio
Republican • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Referred to Joint Committee on Finance, Revenue and Bonding
1/15/2025legislature
Bill Text
Proposed Bill
1/15/2025
Related Bills
HB 05013, AN ACT ADDING CERTAIN PLANTS TO THE INVASIVE PLANTS LIST.
To prohibit the sale, use and distribution of certain invasive plants in the state.
SB 01558, AN ACT CONCERNING INCOME TAXES IMPOSED BY OTHER JURISDICTIONS ON RESIDENTS OF THE STATE.
To (1) reduce a portion of the amount of the credit for income taxes paid to other states, (2) require the Attorney General to study ways to defend residents from having income tax imposed by other jurisdictions on income derived from services rendered while such resident was within this state, and (3) provide a credit to residents who file an appeal protesting the tax imposed by such other jurisdiction.
SB 01396, AN ACT CONCERNING EARNED BUT UNPAID WAGE OR SALARY INCOME ADVANCES.
To establish various requirements concerning earned but unpaid wage or salary income advances.
SB 01187, AN ACT CONCERNING FORECLOSURE, ASSIGNMENT AND OTHER ENFORCEMENT ACTIONS FOR UNPAID SEWER ASSESSMENTS AND OTHER FEES AND CHARGES.
To prohibit foreclosure, assignment and other enforcement actions for unpaid sewer assessments and other fees and charges in the case of owner-occupied real property for which the principal of such unpaid assessments, fees and charges is less than three thousand dollars unless three years have elapsed from the date any lien was filed and such lien remains unpaid.
HB 07236, AN ACT CONCERNING HUMAN TRAFFICKING AND SEXUAL ASSAULT VICTIMS.
To amend the membership of the trafficking in persons council, add victims of sexual assault and victims of trafficking in persons as protected classes for purposes of certain anti-discrimination statutes, create an affirmative defense for misdemeanor offenses for young victims of trafficking in persons and eliminate the requirement that training in identification and reporting of trafficking in persons be presented in a video format.
HB 07192, AN ACT IMPLEMENTING RECOMMENDATIONS OF THE BIPARTISAN DRUG TASK FORCE.
To implement recommendations of the bipartisan drug task force.