Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate passes SB 180 to raise mineral withholding and adjust retirement interest treatment
Summary
Senate Bill 180 increases mineral withholding from 4% to 5%, clarifies the treatment of state interest for retirement-income phase-outs, limits certain clean-fuel income tax credits to in-state taxpayers, and passed the Senate and was sent to the House.
Senators advanced and passed Senate Bill 180 on Feb. 25, a tax‑code package that raises mineral withholding and adjusts how interest income affects retirement‑income phase‑outs.
Sponsor Senator Hedrick told the chamber the bill “does not increase the tax. It just increases the amount of withholding,” explaining the measure raises the mineral withholding rate from 4% to 5% to reduce collection problems from nonresident payees. Hedrick also said the bill changes…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
