Establishes an income tax credit for the purchase of electric garbage trucks by qualified taxpayers. Applies to taxable years beginning after 12/31/2024.
HB 947 would change how real estate investment trusts (REITs) are taxed by eliminating their ability to deduct dividends paid to shareholders. This policy change directly affects REITs operating in the state, increasing their taxable income starting in 2026. The bill removes a specific tax deduction currently allowed for REITs, meaning these entities would pay more tax on their earnings beginning with taxable years after December 31, 2025. The bill is currently pending in committee review for the 2026 legislative session and has not yet been enacted.
Imposes a state carbon emissions tax of $6.25 per ton of carbon dioxide equivalent emissions on all aviation fuel. Directs the aviation fuel tax into the airport revenue fund. Implements a tax credit to mitigate the effects of this tax on lower income taxpayers. Applies to taxable years beginning after 12/31/24.
SB 2023 increases the income or revenue thresholds that require businesses to file the General Excise Tax and Transient Accommodations Tax. This change would directly affect businesses currently subject to these taxes but operating below the new higher thresholds. The bill modifies the filing requirements by raising the monetary limits for when these tax filings become mandatory.
For taxable years beginning after 12/31/2026, establishes a 5-year aquaculture investment tax credit for taxpayers that incur qualifying investment costs relating to qualified aquaculture businesses.
PART II: Exempts the sale of groceries and nonprescription drugs from the general excise tax. PART III: Removes the state income tax on unemployment compensation benefits. PART IV: Doubles the standard deduction for individuals earning less than $100,000 and joint filers earning less than $200,000. Repeals the incremental increases on standard income tax deduction amounts. PART V: Increases the maximum adjusted gross income allowed to qualify for the low-income household renters' income tax credit and increases the credit amount. PART VI: Repeals the incremental changes to income tax brackets and removes the tax liability for the first $100,000 of individual income earned.
Imposes the manufacturing general excise tax rate on motion picture, digital media, and film productions and repeals the provision in the definition of "qualified production costs" that applied the term to mean costs incurred that are subject to the highest general excise tax rate. Exempts from the general excise tax amounts received by a motion picture project employer from a client company equal to amounts that are disbursed by the motion picture project employer for employee wages, salaries, payroll taxes, insurance premiums, and employment benefits and payments to loan-out companies. Effective 1/1/2050. (SD1)
Establishes the Broadband and Digital Equity Special Fund to receive revenues earned by major social media platforms to fund initiatives expanding broadband access and local journalism initiatives. Directs the Department of Taxation to apply the state corporate income tax to advertising revenue earned by major social media platforms if the revenue is derived from content created within the State or from audiences located in the State. Appropriates funds. Effective 7/1/3000. (HD1)
Authorizes a tax credit for businesses that pay the public transportation costs of employees. Requires reports to the Legislature. Applies for taxable years beginning after 12/31/2025 but not beginning after 12/31/2029. Effective 7/1/3000. (HD2)
Amends the income tax bracket for taxpayers filing a joint return and surviving spouses to exempt those taxpayers whose taxable income is $200,000 or less. Amends the income tax bracket for unmarried individuals and married individuals who do not file a joint tax return with their spouse to exempt those taxpayers whose taxable incomes is $100,000 or less.
