Committee advances SB 74, agrees to remove several unused tax-credit programs

Amelia summarized Senate Bill 74, a bill that would establish an income tax credit for lockable gun and ammunition storage for tax years 2025–2027 equal to 25% of the taxpayer’s expenditures, not to exceed $250 per taxpayer. She reminded the committee that two amendments were adopted last year: refundability was removed and carryforward language was added, and that the bill was re-referred to the committee on Jan. 12.

The chair proposed an amendment to repeal several tax-credit programs that have not been used for many years as part of a broader effort to "sunset" obsolete credits. Eddie reviewed a list from a prior session that repealed seven unused credits as part of an earlier bill; he noted one credit (abandoned well plugging) has since seen some claims and would be excluded from the current repeal list. The committee agreed to circulate an updated list before final action.

The chair moved to remove the listed unused tax-credit programs (excluding the abandoned-well-plugging credit). The motion was recorded as moved by Senator Tyson and seconded by Senator Schallenberger; the committee voice vote was recorded as "aye" and the motion carried. Later, Senator Peterson moved the bill and Senator Corson seconded; the motion carried on voice vote. The chair said she hoped to see the bill "across the floor." The committee adjourned following the votes.

What’s next: committee staff will circulate the updated list of credits targeted for repeal; SB 74 was advanced from committee for further consideration on the Senate floor.