SB 1507: Relating to revenue; and prescribing an effective date.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

</b> </i>] [<i>Reduces taxes imposed under various tax programs, operative conditioned upon imposition of a statewide retail sales tax dedicated to specified purposes. Directs the Department of Revenue to estimate the revenue lost to tax reductions and to direct an equal amount of revenue to various purposes.</i>] <b>Updates the connection date to the federal Internal Revenue Code and other provisions of federal tax law. Increases the amount of the earned income tax credit allowed as a percentage of the federal earned income tax credit. Disconnects from, and requires addback of amounts for, federal provisions allowing deductions of personal auto loan interest and bonus depreciation and allowing exclusion of gain from small business stock. Applies to tax years beginning on or after January 1, 2026. Creates a personal income or corporate excise tax credit for a taxpayer creating new jobs in the tax year. Applies to tax years beginning on or after January 1, 2026, and before January 1, 2032.</b> Takes effect on the 91st day following adjournment sine die.

Sponsors

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. April 14, 2026Effective date, June 5, 2026.
2. April 14, 2026Chapter 142, 2026 Laws.
3. April 9, 2026Governor signed.
4. March 4, 2026Speaker signed.
5. February 27, 2026President signed.
6. February 26, 2026Passed.
7. February 26, 2026Motion to re-refer to Revenue failed.
8. February 26, 2026Third reading. Carried by Nathanson.
9. February 25, 2026Second reading.
10. February 21, 2026Recommendation: Do pass.
11. February 19, 2026Work Session held.
12. February 18, 2026Public Hearing held.

Showing 12 most recent of 24 actions. Full history