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Bill

S 1487

LIABLE Act

119th Congress Introduced by John Barrasso and 8 co-sponsors

Bill S 1487 aims to reduce tax burdens for small businesses by adjusting their income base, promoting growth and reinvestment while potentially impacting state revenue.

Introduced in Senate
0
WeVote Research Nonpartisan
Bill Summary · S 1487

Summary of Bill S 1487

Bill Information

  • Bill Number: S 1487
  • Title: Relates to business income base and certain small business taxpayers
  • Status: Referred to Budget and Revenue
  • Introduced: January 10, 2025
  • Classification: Bill

Purpose and Intent

Bill S 1487 aims to amend existing legislation concerning the business income base for certain small business taxpayers. The intent is to provide a more favorable tax structure that supports small businesses, potentially enhancing their financial viability and encouraging economic growth.

Key Provisions

While the specific text of the bill is not provided, the following key provisions can be anticipated based on the title and legislative context:

  • Adjustment of Business Income Base: The bill likely proposes changes to how the business income base is calculated for small businesses, which may include deductions, credits, or exemptions aimed at reducing the overall tax burden.

  • Eligibility Criteria: The bill may define which small businesses qualify for these adjustments, potentially based on revenue thresholds or business size.

  • Implementation Timeline: The bill may outline a timeline for when these changes would take effect, although specific dates are not provided in the current summary.

Who Would Be Affected

  • Small Business Taxpayers: The primary beneficiaries of this bill would be small business owners who may see a reduction in their tax liabilities, allowing them to reinvest in their businesses or expand operations.

  • State Revenue: Changes to the business income base could impact state revenue, depending on the extent of the adjustments and the number of businesses that qualify.

Procedural Aspects

  • Legislative Process: As of January 10, 2025, the bill has been referred to the Budget and Revenue Committee for further consideration. This step is crucial as it will determine the bill's viability and potential amendments before it can be brought to the floor for a vote.

Related Bills

This bill is connected to several prior-session bills, indicating ongoing legislative interest in small business taxation:
- S 7235
- S 2120
- S 943
- S 5441
- S 4236

These related bills may provide context or serve as a foundation for the current proposal, reflecting a continued effort to address the needs of small businesses in the legislative framework.

This summary provides an overview of Bill S 1487, highlighting its purpose, potential impacts, and procedural status. As the bill progresses through the legislative process, further details will likely emerge, clarifying its provisions and implications for small businesses.

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

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