Did not become law. It stopped in the Senate's Finance, Revenue and Bonding Committee on January 15, 2025. The 2025 session has ended.
2025 Regular Session
Senate Bill 602
AN ACT CONCERNING THE PERSONAL INCOME TAX MARGINAL RATES, THE ASSET EXPENSE DEDUCTION FOR CORPORATIONS AND THE LIMIT OF BOND ISSUANCES THE STATE BOND COMMISSION MAY AUTHORIZE.
What it does
The synopsis the General Assembly published with the bill.
To (1) reduce the marginal rates for the personal income tax and allow an eligible taxpayer to claim the entirety of an asset expense deduction under Section 179 of the Internal Revenue Code at once rather than incrementally, for taxable and income years commencing January 1, 2028, (2) establish a task force to develop a plan to implement the specified personal income tax rate reductions in a revenue-neutral way, and (3) limit the amount of bond issuances the State Bond Commission may authorize to not more than the amount of estimated revenue projected for the fiscal year divided by fifteen.
Sponsors
Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.
In the Senate
Sponsor
Its course
January 15 to January 15, 2025, on one scale. In the top row each mark is a day something happened; taller marks are busier days.
Each committee stop sits inside its chamber.
Every action1 action on 1 day
In the SenateJan 15 to Jan 15 · stopped0 days
Finance, Revenue and Bonding CommitteeJan 15 to Jan 15 · stopped0 days
Text
Each version as the General Assembly printed it.
l9n doesn't hold this bill's text yet.
What happened
In l9n's words, one line for each step. Every action as the General Assembly published it is below.
In the Senate Jan 15
- Jan 15Introduced and sent to Finance, Revenue and Bonding Committee
All 1 actions, as published
- Jan 15REF. TO JOINT COMM. ONBoth houses