The proposed bill, General Assembly Proposed Bill No. 181, aims to facilitate personal income tax refunds by transferring $330,811,954 from the Budget Reserve Fund to the General Fund. This amount is designated for refunds to taxpayers who have filed a federal income tax return for the taxable year beginning January 1, 2025. The refunds will be calculated by the Department of Revenue Services, ensuring that taxpayers receive a return on the personal income tax they have paid.

The bill does not include any deletions from current law but introduces new legal language to specify the transfer of funds and the intended use for personal income tax refunds. The primary purpose of this legislation is to provide financial relief to taxpayers by utilizing existing funds in the Budget Reserve Fund to support the General Fund's refund efforts.