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Senate committee advances SB 212 to adopt select federal tax changes, declines accelerated depreciation
Summary
A state Senate tax committee advanced Senate Bill 212 11'2 after testimony and debate; the bill conforms several federal provisions affecting 2025 filing rules while excluding a special depreciation allowance because of projected fiscal costs.
A state Senate committee advanced Senate Bill 212 on a party-line committee vote, moving the tax-conformity measure to the floor after a 11'2 roll call.
Chair opened the hearing by describing SB 212 as an "immediate fix" to clarify filing rules for the current season and said the bill would adopt several provisions of the federal HR 1 that affect tax year 2025 filings. He listed specific federal sections proposed for conformity and said the committee's plan was to pass the bill out of committee and seek final action before the end of the month.
Why it matters: The bill would align state rules with several federal changes that affect taxpayers this year, while excluding at least one provision that state analysts say would produce materially larger revenue losses.
Testimony and stakeholder requests: Sam Sharon, testifying for the…
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