Establishes December 21, 2017, as the connection date for the Internal Revenue Code sections governing bonus depreciation and deduction of net business interest.

Taxes

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Representative Reschke
Last action: 2025-06-27
Official status: In House Committee
Effective date: Not listed

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

2025-06-27 House
In committee upon adjournment.
2025-01-17 House
Referred to Revenue.
2025-01-13 House
First reading. Referred to Speaker's desk.

Official Summary Text

Digest: The Act cuts off the connection to some tax deductions for business and ties to 2017 tax law. (Flesch Readability Score: 62.8).
Establishes December 21, 2017, as the connection date for the Internal Revenue Code sections governing bonus depreciation and deduction of net business interest. Allows full bonus depreciation in the first year of service and provides for the addition in later year of excess amounts subtracted from federal taxable income. Applies to tax years beginning on or after January 1, 2025, and to property placed in service on or after January 1, 2025.
Allows the deduction of certain net business interest without limitation. Applies to tax years beginning on or after January 1, 2025.
Takes effect on the 91st day following adjournment sine die.
Relating to: Relating to connection to federal tax allowing business deductions; prescribing an effective date.
Current location: In House Committee