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ID H0435
Bill
Status
3/24/2025
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Military retirement pay deduction expanded to allow recipients under age 62 who are employed and required to file a federal return to claim the deduction, retroactive to January 1, 2025
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Corporate income tax rate reduced from 5.695% to 5.3% for taxable years beginning on or after January 1, 2025
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Property assessment ratio range narrowed from 90%-110% to 95%-105% of median market value, effective January 1, 2026
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Interest on tax deficiencies stops accruing from the date the State Tax Commission identifies a return for possible audit (rather than when formal audit notice is sent) until deficiency determination is issued
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Sales tax distributions redirected: $330 million annually to general fund for public schools educational support program instead of public school income fund; Tax Relief Fund transfers to school district facilities fund and homeowner property tax relief account changed from fiscal year-end to no later than August 31
Legislative Description
Amends House Bill 40, House Bill 304, and existing law to revise provisions regarding certain tax deductions, certain corporate income tax rates, certain protections for taxpayers, and certain sales tax distributions and to revise an effective date.
TAXATION
Last Action
Recommitted to Local Government & Taxation
4/3/2025