This bill creates a tax credit allowing taxpayers to offset 50% of licensing or relicensing fees paid to state or federal agencies for hydroelectric power projects. It directly affects businesses and developers subject to taxes under specific sections of the tax code (articles 9, 9-A, 22, and 33). The credit can be applied against income taxes, with unused portions carried forward to future tax years if it reduces taxes below minimum thresholds. The bill modifies multiple tax code sections to implement this credit and its carryover rules.
Creates tax parity by imposing a six percent tax on all combative sport event ticket sales; taxes gross receipts from broadcasting rights and digital streaming over the internet of combative sport events.
Provides a tax deduction for small business employers of 25% of the wages, salary or compensation paid to up to ten employees who earn up to 110% of the minimum wage.
This bill creates tax-advantaged "small business savings accounts" for eligible small businesses. It allows businesses with 25 or fewer full-time employees and under $250,000 annual net income to deduct up to 10% of their prior year's gross profits as contributions. Qualified distributions during economic hardship (defined by GDP declines or disaster declarations) are tax-free if reinvested for job retention/creation, with an 8-year limit on qualifying uses. Non-qualified distributions are taxable, and accounts pledged as loan security lose tax benefits. The law takes effect for tax years beginning after 2025.
This bill increases the state excise tax on cigarettes from $5.35 to $6.24 per 20 cigarettes (or $1.33 per 5 cigarettes beyond the first 20). It directly affects cigarette sellers and consumers within the state, applying to all cigarette sales except those to qualified Native American tribes for personal use on reservations, to the U.S. government, or to military organizations under federal regulations. The tax is collected via affixed stamps, with tribes having the option to use a tax exemption coupon system for sales to non-members or non-Indians on reservations. The change takes effect immediately upon enactment.
Relates to creating a separate tax on inheritance income, creating a separate tax on gift income, the computation of the estate tax, and creating a gift tax.
Creates a small business renewable tax credit; provides the term "business related renewable energy usage" shall refer to renewable power usage used to further the economic activity of the taxpayer at the primary business location that is clearly delimited from any shared renewable energy power usage cost.
Reinstates a bank tax based on the highest of four bases: a tax on allocated entire net income, a tax on allocated alternative entire net income, a tax on allocated taxable assets, or a fixed dollar minimum tax; prohibits banks from segregating their income and capital into business and investment varieties.
Creates the middle class circuit breaker tax credit allowing a credit against personal income tax, equal to seventy percent of the amount by which the taxpayer's net real property tax or the taxpayer's real property tax equivalent exceeds the taxpayer's maximum real property tax; establishes a tax reform study commission.
Establishes a historic wood window rehabilitation and energy retrofit tax credit of up to 25% of the expenditures paid or incurred within the five years preceding the year in which the tax credit is applied.
