2025 bills / H.B. 216

H.B. 216 Income Tax Revenue Amendments (2025)

Became lawWritten by Rep. Norman K Thurston · carried in the Senate by Sen. Daniel McCay

What this bill does

According to the official description, this bill:

defines terms
requires the State Tax Commission, the Office of the Legislative Fiscal Analyst, and the Governor's Office of Planning and Budget to annually determine by consensus whether federal tax law changes will likely result in a material increase in state income tax revenue
requires the State Tax Commission to submit a report to the Revenue and Taxation Interim Committee if a determination is made by consensus that federal tax law changes will likely result in a material increase in state income tax revenue
authorizes the Revenue and Taxation Interim Committee, upon receiving a report, to recommend legislative action for the next general session to negate the material increase in state income tax revenue
requires the State Tax Commission to submit a report to the Division of Finance following the general session if a determination is made by consensus that a material increase in state income tax revenue is still expected
creates the Income Tax Surplus Restricted Account (account)
specifies purposes for which revenue deposited into the account may be used
requires the Division of Finance, upon receiving a report, to deposit the estimated amount of the material increase in state income tax revenue into the account

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11 yes, 0 noHouse Revenue and Taxation Committee: vote to approve it · 2/4/2025 4:16 PMWho voted how
71 yes, 1 no, 3 absentFinal House vote · 2/13/2025 11:26 AMWho voted how
3 yes, 0 no, 4 absentSenate Revenue and Taxation Committee: vote to approve it · 2/20/2025 9:25 AMWho voted how
19 yes, 0 no, 10 absentFirst of two Senate votes · 2/26/2025 3:52 PMWho voted how
26 yes, 0 no, 3 absentFinal Senate vote · 3/3/2025 3:44 PM