Bill
HF 317
Overview: HF 317, Budget surplus individual income tax credit established, Introduction and first reading, referred to Taxes, Introduced: February 10, 2025Purpose and Intent: This
Overview: HF 317, Budget surplus individual income tax credit established, Introduction and first reading, referred to Taxes, Introduced: February 10, 2025
Purpose and Intent: This bill aims to provide a one-time individual income tax credit to residents of the state in response to a projected budget surplus. The goal is to return a portion of the state's excess revenue directly to taxpayers.
Key Provisions:
- Establishes a refundable individual income tax credit of $500 for single filers and $1,000 for married couples filing jointly.
- Eligibility for the credit is limited to individuals with a federal adjusted gross income of less than $100,000 for single filers or $200,000 for married couples.
- The credit will be automatically applied to eligible taxpayers' returns when they file their state income taxes.
- The tax credit will be funded through a portion of the state's projected budget surplus for the current fiscal year.
Affected Parties and Impacts:
- Eligible taxpayers with lower to middle incomes will receive a one-time tax credit, providing them with additional disposable income.
- The state government will allocate a portion of its budget surplus to fund the tax credit program, reducing the overall surplus.
Procedural and Timeline Considerations:
- The bill has been introduced in the state legislature and has been referred to the Taxes committee for further consideration.
- If passed, the tax credit would be available for the 2025 tax year, with eligible taxpayers receiving the credit when they file their state income tax returns.
Compiled from official sources — confirm details with the bill’s official record.
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