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Bill Summary · SB 546

Summary of SB 546: Provide Income Based Tax Credit

Bill Number: SB 546
Introduced On: August 27, 2024
Status: Died in Standing Committee (as of May 23, 2025)
Classification: Bill
Subject: Revenue, State, Taxation (Generally), Taxation--Individual Income

Purpose and Intent

The primary purpose of SB 546 is to establish an income-based tax credit aimed at providing financial relief to individuals and families based on their income levels. The intent behind this legislation is to enhance the economic well-being of lower and middle-income taxpayers by reducing their overall tax burden.

Key Provisions

While the specific details of the tax credit were not outlined in the provided information, typical provisions for such tax credits may include:

  • Eligibility Criteria: The bill likely proposed income thresholds to determine who qualifies for the tax credit, potentially targeting low to moderate-income earners.
  • Credit Amount: The legislation would have specified the amount of the tax credit, which could vary based on income levels or family size.
  • Implementation Timeline: The bill would have included provisions for when the tax credit would take effect, possibly aligning with the next tax year.

Affected Parties

The bill would have primarily impacted:

  • Individual Taxpayers: Lower and middle-income individuals and families who would benefit from reduced tax liabilities.
  • State Revenue: The implementation of this tax credit could have implications for state revenue, potentially reducing tax income from individual income taxes.

Legislative Actions and Timeline

The legislative journey of SB 546 included several key actions:

  • March 25, 2025: The bill was introduced in the Senate.
  • April 1-5, 2025: The bill underwent multiple readings, committee reviews, and amendments in the Senate, ultimately passing through the Senate Finance and Claims Committee.
  • April 7, 2025: The bill was referred to the House Taxation Committee for further consideration.
  • April 16, 2025: The bill was tabled in the House Taxation Committee.
  • May 23, 2025: The bill officially died in the Standing Committee, meaning it did not progress further in the legislative process.

Conclusion

SB 546 aimed to provide a tax credit based on income levels to assist lower and middle-income taxpayers. Despite its potential benefits, the bill did not advance past the committee stage in the House, ultimately leading to its demise in the legislative process. The failure to pass this bill indicates a missed opportunity for tax relief for eligible individuals and families in the state.

Compiled from official sources — confirm details with the bill’s official record.

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