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S 4018

Relates to modifications reducing federal adjusted gross income

2025 Regular Session Introduced by Kevin Parker

Bill S 4018 aims to reduce federal adjusted gross income, providing tax relief for individuals and families by increasing deductions and credits, lowering tax burdens.

REFERRED TO BUDGET AND REVENUE
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Bill Summary · S 4018

Summary of Bill S 4018: Modifications Reducing Federal Adjusted Gross Income

Bill Number: S 4018
Title: Relates to modifications reducing federal adjusted gross income
Status: Referred to Budget and Revenue
Introduced: January 31, 2025
Classification: Bill

Purpose and Intent

Bill S 4018 aims to modify the calculation of federal adjusted gross income (AGI) for taxpayers. The primary intent of the bill is to provide tax relief by reducing the federal AGI, which could lead to lower tax liabilities for individuals and families. This modification is designed to enhance the financial well-being of taxpayers by allowing for greater deductions and credits.

Key Provisions

While the specific provisions of the bill are not detailed in the provided information, the following general modifications are typically considered in similar legislation:

  • Increased Deductions: The bill may propose increasing the allowable deductions that can be subtracted from gross income, thereby reducing the AGI.
  • Tax Credits: It could introduce or expand tax credits that directly affect the AGI calculation, further lowering the taxable income.
  • Eligibility Criteria: The bill may outline specific eligibility criteria for taxpayers to qualify for these modifications, potentially targeting low- to middle-income households.

Affected Parties

The modifications proposed in Bill S 4018 would primarily affect:

  • Individual Taxpayers: Families and individuals who file federal income tax returns would benefit from a reduced AGI, potentially lowering their overall tax burden.
  • Tax Preparers: Professionals who assist with tax preparation may need to adjust their practices to accommodate the changes in AGI calculations.
  • State Revenue Departments: Changes in federal AGI could have implications for state tax calculations, as many states base their tax systems on federal figures.

Procedural Aspects

  • Referral: The bill was referred to the Budget and Revenue committee on January 31, 2025, where it will undergo further discussion and analysis.
  • Related Bills: This bill is connected to several prior-session bills (S 7487, S 5040, S 4751, S 4994, S 5217), indicating ongoing legislative interest in modifying tax structures and AGI calculations.

Conclusion

Bill S 4018 represents a legislative effort to provide tax relief through modifications to the federal adjusted gross income calculation. By potentially increasing deductions and credits, the bill aims to alleviate the tax burden on individual taxpayers. As it moves through the legislative process, further details will emerge regarding its specific provisions and impacts.

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

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