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Bill

LC 3505

Generally revise tax laws

2025 Regular Session

Proposes a broad overhaul of tax laws, but the draft died in process, so no changes were enacted.

(LC) Draft Died in Process
#taxation
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WeVote Research Nonpartisan
Bill Summary · LC 3505

Summary: LC 3505 — Generally revise tax laws

Overview

LC 3505 is a bill titled “Generally revise tax laws” with the status listed as (LC) Draft Died in Process. It was introduced on December 14, 2024. The drafting history shows the bill’s drafter was assigned and the draft was placed on hold, with the most recent action indicating the draft died in process on May 27, 2025. There is no text of the bill provided here, so specific provisions are not available.

Purpose and scope (based on title)

  • The title suggests a broad, comprehensive overhaul of the state’s tax laws.
  • Without the bill text, the exact scope, targeted taxes (income, sales, property, corporate, etc.), and the intended reforms (rates, credits, deductions, exemptions, administration) cannot be confirmed.

Known procedural history and timeline

  • 2024-12-14: Drafter Assigned
  • 2024-12-14: Draft On Hold
  • 2025-05-27: Draft Died in Process

These entries indicate the bill advanced to drafting and consideration stages but did not progress toward enactment, and as of the latest action, the draft has died in process. There is no indication of a successor or revival in the provided record.

What the bill would likely address (typical elements in a general tax overhaul)

Because the actual text is not provided, the following categories are speculative but commonly seen in broad tax-reform bills. They would need to be confirmed by the bill’s language:
- Tax rates and brackets: adjustments to income or corporate tax rates and thresholds.
- Deductions and credits: changes to allowable deductions, exemptions, and tax credits for individuals and businesses.
- Tax base and structure: revisions to what is taxed and how taxable income or revenue is computed.
- Administration and compliance: changes to filing requirements, enforcement, refunds, and audit procedures.
- Transitional provisions: rules for phasing in or phasing out changes to avoid abrupt economic disruption.
- Revenue and fiscal impact: estimates of expected revenue changes and budgetary effects.
- Targeted/sector-specific provisions: potential incentives or penalties affecting particular industries or activities.

Who would be affected (if enacted)

  • Individual taxpayers: changes to rates, deductions, or credits could affect take-home income and tax liability.
  • Businesses and corporations: potential alterations to corporate taxes, credits, and compliance costs.
  • Tax professionals and preparers: updated guidance and forms would be required to reflect new rules.
  • State revenue and administration: tax collection processes and auditing practices could shift to align with new provisions.

Impact assessment and considerations

  • As the draft has died in process, there is no enacted impact or operational effect to implement.
  • If revived in the future, stakeholders would want to review the exact text for concrete changes, effective dates, transitional rules, and fiscal impact.

Next steps for readers

  • Monitor the official legislative record for LC 3505 to see if a revived or reintroduced version appears.
  • When the text becomes available, review the specific sections to understand the precise changes, effective dates, affected taxpayers, and fiscal impact.
  • If you represent a business, tax professional, or policy group, consider submitting input during any future committee or public-comment opportunities.

Note: This summary reflects the information provided and does not include any provisions beyond the bill’s title and status.

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

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