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AB 692

Relating to: additional local sales and use taxes and making an appropriation. (FE)

2025-2026 Regular Session Introduced by Clint Anderson and 17 co-sponsors

AB 692 - Relating to Additional Local Sales and Use Taxes OverviewBill Number: AB 692 Title: Relating to: additional local sales and use taxes and making an appropriation. (FE) S

Failed to pass pursuant to Senate Joint Resolution 1
0
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Bill Summary · AB 692

AB 692 - Relating to Additional Local Sales and Use Taxes

Overview

Bill Number: AB 692
Title: Relating to: additional local sales and use taxes and making an appropriation. (FE)
Status: Read first time and referred to Committee on Ways and Means
Introduced: February 14, 2025

Purpose and Intent

The primary purpose of AB 692 is to grant additional taxing authority to local governments, allowing them to impose supplementary sales and use taxes within their jurisdictions. The bill aims to provide municipalities with more flexibility and control over their revenue streams, empowering them to address local needs and priorities through targeted tax policies.

Key Provisions

  • Authorizes counties, cities, and villages to enact additional local sales and use taxes of up to 1% on top of the state sales tax rate
  • Requires voter approval through a referendum before a local government can implement the additional tax
  • Specifies that revenue from the supplementary taxes must be used for specific purposes, such as infrastructure improvements, public services, or economic development
  • Creates a new state fund to distribute a portion of the additional tax revenue to local governments based on population and other factors

Affected Parties and Impacts

  • Local governments (counties, cities, villages) would gain the ability to raise additional revenue through sales and use taxes, subject to voter approval
  • Residents and businesses within jurisdictions that enact the supplementary taxes would see a slight increase in the overall sales tax rate
  • The state government would oversee the new fund and distribution of revenue to local entities

Procedural and Timeline Considerations

AB 692 has been introduced in the state legislature and referred to the Committee on Ways and Means for further consideration. If approved by the committee, the bill would then proceed to a full floor vote in the state assembly. If passed by the legislature, the bill would require the governor's signature to become law. The timeline for the bill's progression is uncertain at this stage, as it depends on the committee's review process and scheduling of votes.

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

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