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Bill

SB 1099

RELATING TO TAXATION.

2024 Regular Session Introduced by Dru Kanuha and 1 co-sponsor

SB 1099 imposes a state tax surcharge to fund housing infrastructure projects, easing local government burdens and improving living conditions for residents and homebuyers.

Act 030, on 05/28/2024 (Gov. Msg. No. 1130).
#housinginfrastructurecosts #surchargeonstatetax
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Bill Summary · SB 1099

Summary of SB 1099: Relating to Taxation

Bill Number: SB 1099
Status: Act 030, effective May 28, 2024
Introduced: January 20, 2023
Classification: Bill
Subject: Housing Infrastructure Costs, Surcharge on State Tax

Purpose and Intent

SB 1099 aims to address the rising costs associated with housing infrastructure in the state. The bill introduces a surcharge on the state tax to generate additional revenue specifically earmarked for housing-related projects and infrastructure improvements. This legislative measure is designed to alleviate the financial burden on local governments and enhance the availability and quality of housing.

Key Provisions

  • Surcharge Implementation: The bill establishes a surcharge on the state tax, which will be applied to specific taxable activities. The exact percentage of the surcharge and the taxable activities will be defined in subsequent regulations.

  • Revenue Allocation: Funds generated from the surcharge will be allocated directly to housing infrastructure projects. This includes construction, maintenance, and improvement of housing facilities and related infrastructure.

  • Reporting Requirements: The bill mandates regular reporting on the use of funds collected from the surcharge to ensure transparency and accountability in how the revenue is utilized for housing projects.

Affected Parties

  • Local Governments: The bill is expected to provide financial support to local governments, enabling them to undertake necessary housing infrastructure projects without solely relying on local tax revenues.

  • Residents and Homebuyers: By improving housing infrastructure, the bill aims to enhance the living conditions for residents and potentially lower housing costs for homebuyers in the long term.

  • Construction and Housing Industries: The construction sector may see increased activity due to the funding for housing projects, which could lead to job creation and economic growth in related industries.

Procedural Aspects

  • Legislative Journey: SB 1099 underwent multiple readings and amendments in both the Senate and House before being passed. Key milestones include:

    • Passed Final Reading in the House on May 1, 2024.
    • Received notice of passage on Final Reading in the House on May 3, 2024.
    • Enrolled to the Governor on May 2, 2024, and subsequently signed into law on May 28, 2024.

  • Amendments: The bill was amended several times throughout its legislative journey, with the final version being passed as amended in Conference Draft 1 (CD 1).

Conclusion

SB 1099 represents a significant step towards addressing housing infrastructure challenges in the state by implementing a targeted surcharge on state taxes. The revenue generated will be crucial for funding essential housing projects, thereby improving living conditions and supporting local economies. The bill's successful passage reflects a commitment to enhancing housing infrastructure and addressing the needs of residents.

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

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