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S 5375

Establishes the retire strong tax credit for certain individuals age 65 or older

2025 Regular Session Introduced by Jake Ashby

Establishes the retire strong tax credit for residents age 65 and older to reduce their state tax liability.

REFERRED TO BUDGET AND REVENUE
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Bill Summary · S 5375

Summary: S 5375 – Establishes the retire strong tax credit for certain individuals age 65 or older

Status: Referred to Budget and Revenue
- Introduced: February 21, 2025
- Primary Sponsor: Jake Ashby
- Related bills: S 7593 (prior-session), A 452 (companion)

Note: The summary below reflects the information available from the bill’s title, sponsorship, and committee referral. The full provisions, eligibility specifics, credit amount, and operating details will depend on the text of the bill and any amendments filed.

Purpose and intent

  • The bill seeks to create a “retire strong tax credit” targeted at individuals who are age 65 or older.
  • Based on the title, the objective appears to be providing tax relief or an incentive for retirement-age residents. The exact design (who qualifies, how the credit is claimed, and how it interacts with other taxes or credits) is not specified in the information provided.

Key provisions (availability and specifics pending the bill text)

  • Eligible recipients: Individuals age 65 or older (as indicated by the bill’s title).
  • Credit mechanism: Details such as whether the credit is refundable or nonrefundable, the credit amount, caps, income or residency requirements, and the tax against which the credit applies are not provided here.
  • Interaction with other programs: How this credit would interact with existing tax credits, deductions, or credits is unknown without the full text.
  • Duration and sunset: Any time limits, sunset provisions, or renewal requirements are not indicated.
  • Administration: The operational aspects (which department administers the credit, filing requirements, and notification processes) are not described in the available information.

Affected parties

  • Primary beneficiaries: Individuals aged 65 or older who file state income tax returns (or other taxes as specified in the bill).
  • Potential impact on taxpayers: Depending on the credit’s structure, it could reduce tax liability or provide a refund, subject to the final statutory design.

Procedural and timeline notes

  • The bill has been referred to the Budget and Revenue committee, signaling a potential fiscal impact assessment and discussions of revenue implications.
  • No further actions are listed in the information provided. The bill may undergo amendments, hearings, and votes in its respective chamber(s) as it advances.

What to watch for (future updates)

  • Full bill text: Eligibility criteria (age thresholds, residency, income limits), credit amount, and whether it’s refundable.
  • Fiscal note: Estimated cost to state revenue and any offsetting savings or revenue implications.
  • Administration details: How and when taxpayers would claim the credit.
  • Related bills: S 7593 and A 452 (companion) may provide parallel or amended language in another chamber.
  • Timeline: Any scheduled hearings, amendments, and votes, plus eventual enactment or veto outcomes.

For readers seeking a complete understanding, the next step is to review the full bill text and any fiscal notes once released by the legislature.

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

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