Legislation - SB0291

Title: Income Tax - Credit for Income Taxes and Penalties Due to Financial Exploitation
Sponsored by: Senator Bailey
Status: In the Senate - Hearing 2/03 at 2:00 p.m.
Analysis: Fiscal and Policy Note

Synopsis

Allowing a credit against the State income tax for certain income taxes and penalties attributable to an early withdrawal of retirement funds due to financial exploitation; and applying the Act to all taxable years beginning after December 31, 2025.

Committees

Original:: Budget and Taxation Click to view Recorded Media

Details

Cross-filed with: HB0323

Bill File Type: Regular

Effective Date(s): July 1, 2026

History

Legislation History
Chamber Senate Calendar Date 1/21/2026 Legislative Date 1/21/2026 Action First Reading Budget and Taxation Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Income Tax - Credit for Income Taxes and Penalties Due to Financial Exploitation Proceedings
Chamber Senate Calendar Date 1/22/2026 Legislative Date 1/22/2026 Action Hearing 2/03 at 2:00 p.m. Proceedings

Chamber	Calendar Date	Legislative Date	Action
Senate	1/21/2026	1/21/2026	First Reading Budget and Taxation
			Text - First - Income Tax - Credit for Income Taxes and Penalties Due to Financial Exploitation
Senate	1/22/2026	1/22/2026	Hearing 2/03 at 2:00 p.m.

File Code

Subjects

Statutes