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Bill

LC 2140

Generally revise taxation laws

2025 Regular Session

Comprehensive overhaul of state tax laws to modernize definitions, credits, and administration, affecting taxes, compliance, and revenue for taxpayers and businesses.

(LC) Draft Died in Process
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Bill Summary · LC 2140

Bill Summary: LC 2140 – Generally revise taxation laws

This summary captures what is publicly known about LC 2140, titled “Generally revise taxation laws,” including its purpose, status, and timeline. Specific legislative text and provisions are not provided in the available information.

Snapshot

  • Bill Number: LC 2140
  • Title: Generally revise taxation laws
  • Subject: Taxation (Generally)
  • Classification: bill
  • Introduced: November 29, 2024
  • Status: (LC) Draft Died in Process
  • Drafter/Actions:
    • 2024-11-29: Drafter Assigned
    • 2024-12-03: Draft On Hold
    • 2025-05-22: Draft Died in Process

The “LC” designation indicates the draft is being tracked by the Legislative Council/committee staff. The draft has progressed through assignment and holds, but ultimately died in the drafting process.

Purpose and Scope (as inferred from the title)

  • The bill is described as a general revision of taxation laws. Based on the title alone (without text), it is intended to overhaul or reform the state’s tax statutes in a comprehensive manner.
  • Specific objectives, such as rate changes, broadened or narrowed deductions/credits, administration improvements, or transitional provisions, are not provided in the available information.

Key Provisions (not specified in available text)

  • No substantive provisions are available in the provided materials. In a general tax revision bill, typical areas that might be addressed include:
    • Modernization of tax definitions, brackets, and rates
    • Revisions to credits, exemptions, and deductions
    • Administrative and compliance procedures (filing, audits, penalties)
    • Conformity with other state fiscal laws and regulatory updates
    • Transitional rules and effective dates
    • Revenue impact analyses and sunset or review provisions

Because the actual text is not provided, the specific changes LC 2140 would enact cannot be enumerated here.

Impacts (potential and context)

  • Taxpayers and businesses: Depending on the final language, changes could affect tax liability, eligibility for credits/exemptions, and compliance costs.
  • State/municipal revenue and administration: Revisions could alter revenue projections, administrative processes, and enforcement mechanisms.
  • Transitional effects: If enacted, there would likely be transition provisions to align existing filings with new rules.

Procedural and Timeline Notes

  • The bill was introduced on 2024-11-29 with a drafter assigned that day.
  • It was placed on hold on 2024-12-03, indicating a temporary pause in progress.
  • On 2025-05-22, the draft was marked as died in process, meaning the bill did not advance further in its current form.

Next Steps for Readers

  • If there is ongoing legislative activity, check for updates on LC 2140 to see if a new version is reintroduced or if a different tax-revision measure is pursued.
  • To understand concrete impacts, access the bill’s full text and fiscal notes once they are published by the legislative staff.

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

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