HB 2391 creates a temporary sales tax exemption for school supplies, meaning businesses selling these items would not collect the usual general excise tax during the holiday period. This directly affects consumers purchasing school supplies and the businesses selling them, as the bill requires retailers to pass any tax savings directly to shoppers. The key provision is a time-limited tax holiday where the state waives the sales tax on qualifying items, but businesses must lower prices for customers rather than keeping the savings. The policy aims to reduce costs for families buying school essentials during the holiday period. (Note: This is a policy change, not a procedural bill.)
HB 2214 creates a refundable income tax credit specifically for diaper purchases. It directly affects low-income parents or caregivers who buy diapers for children, providing financial relief for this essential expense. The credit is refundable, meaning recipients receive the full credit amount as cash even if they owe no income tax. This policy change adds a new, targeted tax benefit to the state's income tax code, replacing potential tax savings with direct cash assistance for eligible households.
SB 3337 would remove the state tax on gasoline and diesel fuel used in motor vehicles. This change would directly affect drivers and businesses that purchase these fuels, as they would no longer pay the state tax on each gallon. The bill’s key provision is eliminating the existing state tax rate applied to these fuels at the point of sale. The bill is currently in committee review, with a public hearing scheduled for February 12, 2026.
Amends the tax credit for research activities by: allowing qualifying taxpayers to claim the credit for all qualified research expenses without regard to the amount of expenses for previous years; amending from March 31 to March 1 the deadline for qualified high technology businesses to submit to the Department of Business, Economic development, and Tourism written, certified statements identifying qualified expenditures and the tax amount of tax credits claimed in the previous taxable year; for any taxable year the annual aggregate cap is reached, requiring the credit to be divided between all qualified high technology businesses in proportion to the amount of qualified research expenses claimed; and requiring DBEDT to establish an annual application period and notify each qualified high technology business applicant of the credit amount certified. Applies to costs incurred beginning after 12/31/2025. Repeals the credit on 1/1/2029. Effective 7/1/3050. (SD2)
SB 2362 would eliminate a specific tax deduction for real estate investment trusts (REITs), requiring them to pay taxes on dividends they distribute to shareholders instead of deducting those payments. This change directly affects REITs, which are companies that own and operate real estate properties and typically rely on this deduction to reduce taxable income. The key provision removes the "dividends paid deduction" from the tax code, meaning REITs would no longer be able to subtract their dividend payments from their taxable earnings. This policy change would increase the tax burden on REITs without altering their operational structure.
HB 2444 increases the state tax credit available to low-income household renters, raising the amount from $50 to $100 for each tax exemption claimed by the taxpayer. This change directly affects renters who qualify as low-income and claim tax exemptions, providing them with greater financial relief through their state tax return. The key provision is the specific dollar amount increase per exemption, making the credit more substantial for eligible households. The bill does not alter eligibility criteria or introduce new administrative requirements.
Requires corporations to include the income of all foreign subsidiaries to the State. Applies the State's apportionment formula to determine the share of reported profits subject to the appropriate tax. Effective 1/1/2026.
The provided context does not include sufficient details to summarize SB 54's specific provisions, mechanisms, or affected parties. The bill title and abstract mention adopting an "Interstate Compact to Phase Out Corporate Welfare," but no concrete policy changes, affected entities, or implementation details are described in the available information. Without additional text explaining the compact's requirements or scope, a factual summary cannot be generated. The recent procedural actions (e.g., referral to committees) do not clarify the bill's substance.
Establishes a wealth asset tax of one per cent of the state net worth of each individual taxpayer who holds $20,000,000 or more in assets in the State.
Reenacts the agricultural development and food security special fund. Establishes and appropriates moneys into the carbon emissions tax and dividend special fund. Establishes a refundable tax credit to mitigate the effect of a carbon emissions tax on taxpayers. Amends the environmental response, energy, and food security tax by taxing fossil fuels based on their emissions. Requires reports to the Legislature. Effective 7/1/3000. (HD1)
