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Bill

SB 1568

RELATING TO TAXATION.

2024 Regular Session

SB 1568 introduces a tax surcharge to boost state revenue for housing infrastructure, aiming to improve affordable housing for low- and middle-income families.

Carried over to 2024 Regular Session.
#amendment #extension #housinginfrastructure #surchargeonstatetax
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Bill Summary · SB 1568

Summary of Bill SB 1568: Relating to Taxation

Overview

Bill Number: SB 1568
Title: Relating to Taxation
Status: Carried over to 2024 Regular Session
Introduced: January 22, 2025
Classification: Bill
Subject: Amendment, Extension, Housing Infrastructure, Surcharge on State Tax

SB 1568 aims to amend and extend existing taxation measures, particularly focusing on housing infrastructure and the implementation of a surcharge on state tax. The bill is designed to address ongoing challenges in housing development and funding within the state.

Key Provisions

  • Tax Surcharge: The bill proposes a new surcharge on state taxes, which is intended to generate additional revenue specifically earmarked for housing infrastructure projects.
  • Amendments to Existing Laws: SB 1568 includes amendments to current taxation laws to facilitate the implementation of the surcharge and ensure that funds are directed toward housing initiatives.
  • Extension of Current Measures: The bill seeks to extend certain provisions related to housing funding that may be set to expire, thereby providing continued support for housing development efforts.

Impact

  • Targeted Beneficiaries: The primary beneficiaries of this bill would be state housing programs and initiatives aimed at increasing affordable housing availability. This could positively impact low- and middle-income families seeking housing.
  • State Revenue: The proposed surcharge is expected to enhance state revenue, which can be reinvested into housing infrastructure, potentially leading to improved housing conditions and availability.
  • Stakeholder Engagement: The bill has undergone multiple committee reviews and public hearings, indicating a collaborative approach to refining its provisions and addressing stakeholder concerns.

Legislative Timeline

  • January 22, 2025: Bill introduced.
  • January 27, 2025: Referred to HHS/LBT, WAM/JDC.
  • February 10, 2023: Public hearing scheduled.
  • February 13, 2023: Committees on PSM and HOU recommended passage with amendments.
  • March 7, 2023: Passed Third Reading in the Senate as amended and transmitted to the House.
  • December 11, 2023: Carried over to the 2024 Regular Session for further consideration.

Related Legislation

  • HB 1363: This bill serves as a companion to SB 1568, indicating parallel legislative efforts to address similar issues in housing and taxation.

Conclusion

SB 1568 represents a significant legislative effort to enhance housing infrastructure funding through a targeted tax surcharge. By carrying over to the 2024 Regular Session, the bill allows for continued discussion and refinement to ensure it meets the needs of the state and its residents effectively.

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

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