HB 8192 imposes a 2% tax on the portion of a private college's endowment exceeding $1 billion. It directly affects private institutions of higher education with endowments over $1 billion, requiring them to pay this tax on the amount above that threshold. The bill's key provision is the specific tax rate applied to the excess value, creating a new revenue source for the state. Introduced on February 27, 2026, it is currently under review by the House Finance committee.
SB 2447 creates a tax credit for businesses and organizations that donate "apparently wholesome food" (food safe to eat but not sold due to appearance or other factors) to nonprofits serving the needy. Eligible taxpayers - including restaurants, grocers, farms, and hospitals - can claim a credit equal to 75% of the donated food's fair market value, capped at $5,000 per year. To qualify, donations must go to 501(c)(3) nonprofits that provide food to people in need, and nonprofits must provide a certificate confirming the donation meets safety standards. The credit applies to taxes under specific chapters of state law and takes effect January 1, 2027.
Exempts from sales tax the amount paid for a parking space to a patron for one hour or less, in or on a parking facility on which a commercial establishment is located.
SB 2672 would gradually reduce the state's personal income tax rates over time. This bill directly affects individuals who pay state income tax by lowering their tax burden through phased cuts. The key mechanism involves decreasing tax rates in scheduled steps rather than all at once, as outlined in the bill's abstract. The bill was introduced to the Senate Finance Committee on February 27, 2026, and remains in early legislative review.
Imposes a tax equal to four percent (4%) on net investment income, such as interest, dividends, annuities, royalties, capital gains and rental income, of high-income households, estates and trusts, based upon federal guidelines.
Caps delinquent tax interest rate at 12%. Prohibits audits beyond 3 years from date of tax filing, 7 years for fraudulent filings, and in no event beyond 10 years from date of filing or required filing date, whichever is later.
SB 2449 proposes to exempt energy storage systems from sales and use taxes in the state, as defined in § 39-33-1. This change would directly affect businesses selling these systems, as they would no longer collect sales tax on such transactions. The bill amends existing tax law by adding a new exemption category under "Gross receipts exempt from sales and use taxes." The exemption covers the sale and use of energy storage systems within the state, aligning with existing tax exemptions for items like newspapers and school meals. The bill was introduced on February 6, 2026, and referred to the Senate Finance Committee.
HB 7698 creates a tax credit for businesses that donate "apparently wholesome food" (food safe for consumption meeting basic safety standards) to qualifying nonprofits. Businesses like restaurants, grocers, farms, and hospitals can claim a credit equal to 75% of the donated food's fair market value, capped at $5,000 annually per business. Nonprofits receiving donations must verify the food meets safety standards and is used to serve the needy, providing a certificate to the donor. The credit applies to taxes under specific chapters of the tax code and takes effect January 1, 2027.
HB 8187 makes tax credits for pass-through entities refundable, meaning businesses structured as pass-through entities (like S-corps or LLCs) can receive cash refunds if their credits exceed their tax liability. This directly affects qualifying businesses that currently can only use credits to reduce their tax bill, not receive payments. The bill changes the mechanism under Section 44-11-2.3 by allowing unused credits to be paid as cash refunds instead of being carried forward. It does not alter tax rates or create new obligations, only modifying how existing credits are applied.
Gradually phases in modifications to federal adjusted gross income over a four (4) year period for social security income, from twenty-five percent (25%) up to one hundred percent (100%), beginning on or after January 1, 2027.
