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Bill

LC 4083

Provide income tax credit for certain long-time residents

2025 Regular Session

Creates a state income tax credit for long-time residents to reward sustained residency; eligibility, amount, and admin rules are not yet defined.

(LC) Draft Delivered to Requester
#revenue #state #taxation(generally) #taxation--individualincome
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Bill Summary · LC 4083

Summary: LC 4083 — Provide income tax credit for certain long-time residents

This summary reflects the information provided for the bill LC 4083 and notes where details are not specified in the available materials. The bill is currently a draft and the exact text of provisions has not been included here.

Overview and purpose

  • Bill number and title: LC 4083, titled “Provide income tax credit for certain long-time residents.”
  • Subject area: Revenue and Taxation (State; Individual Income).
  • Primary aim (as implied by the title): Establish an income tax credit targeted at individuals who are considered long-time residents. The objective would typically be to incentivize retention of residents or recognize sustained residency.
  • Introduced / status timeline: Introduced December 17, 2024. The latest status shows the draft delivered to the requester in March 2025, with a sequence of drafts and reviews occurring between January and March 2025. This indicates active drafting and refinement.

What the bill would do (high level)

  • The bill would create an income tax credit for a defined group described as “long-time residents.”
  • The exact eligibility criteria (e.g., how long someone must have resided in the state, qualifying residency status, or other conditions) and the credit amount are not specified in the provided materials.
  • Details such as whether the credit is refundable or nonrefundable, any phase‑outs, carryforwards, interaction with other credits or deductions, and the claim process are not included here.

Who is affected

  • Potentially: individual taxpayers who meet the bill’s long-time resident criteria.
  • Other stakeholders could include state revenue authorities responsible for administering credits, local governments (if provisions interact with residency or local services), and taxpayers advising residents on eligibility.

Key considerations and questions (pending full text)

  • What constitutes a “long-time resident” for eligibility?
  • What is the dollar amount of the credit, and is it capped per taxpayer or per year?
  • Is the credit refundable, nonrefundable, or partially refundable?
  • Are there income limits, asset tests, or other restrictions?
  • How is the credit claimed (e.g., on the annual tax return, via an add-on form)?
  • Does the credit sunset after a certain year, or is it permanent?
  • How does this credit interact with other state tax credits, deductions, and eligibility rules?
  • What are the administrative costs and expected fiscal impact to state revenue?

Timeline and procedural notes

  • 2024-12-17: Drafter Assigned.
  • 2025-01-22 to 2025-03-17: Series of drafting and review steps (Draft On Hold → Draft Taken Off Hold → Legal Review → Final Drafter Review → Draft Ready for Delivery → Draft Delivered to Requester).
  • Status: (LC) Draft Delivered to Requester (as of 2025-03-17).

Potential impact (high-level)

  • Revenue effect: Creation of a new tax credit would reduce net state tax revenue by the credit’s value, depending on eligibility and scope.
  • Policy implications: If targeted to long-time residents, could influence residency retention, housing markets, and consumer behavior.

Next steps for readers

  • Review the full bill text when available to assess explicit eligibility, credit amount, administration, and fiscal impact.
  • Monitor legislative actions for amendments, fiscal notes, and committee hearings to understand potential changes and implementation timelines.

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

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