The Senate Committee on Finance and Revenue convened on May 28, 2025, to discuss several key legislative measures, focusing on tax credits and property tax regulations.

The session began with a work session on Senate Bill 927, which proposes a personal and corporate income tax credit for electricity transmission. The bill includes a dash 2 amendment that introduces a certification process, extends the carry-forward period of the credit from three to five years, and allows the Department of Energy to suspend or revoke certifications. Additionally, the amendment permits the Department to charge fees for certification applications and sets a biennial limit on the amount of credit certified, although this limit is currently unspecified. The committee approved the amendment and moved the bill forward with a recommendation for passage to the Joint Committee on Tax Expenditures.

Next, the committee addressed Senate Bill 587, which allows taxpayers to subtract certain legal fees and settlement amounts related to wildfire reimbursements from their federal taxable income. A dash 1 amendment was adopted, extending the deadline for filing amended returns for tax years 2018 to 2023 to May 2028. The bill, which aims to assist wildfire survivors in litigation, was also moved forward with a recommendation for passage and a referral to the Joint Committee on Tax Expenditures.

The final item on the agenda was Senate Bill 347 A, which seeks to remove farmland from a special assessment program if the owner is found to be illegally growing marijuana. The committee discussed the implications of this measure, particularly regarding the burden of proof for landowners who may unknowingly rent to illegal growers. The bill was moved to the floor with a due pass recommendation.

Overall, the committee's discussions highlighted a focus on tax incentives for clean energy development and support for wildfire recovery efforts, alongside regulatory measures addressing illegal agricultural practices. All bills discussed were referred to the Joint Committee on Tax Expenditures for further consideration.