diff --git a/changelog.md b/changelog.md
index 10ab393b35..2f4dc4ae66 100644
--- a/changelog.md
+++ b/changelog.md
@@ -6,6 +6,12 @@ The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 and this project adheres to
 [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
+## 0.46.1
+
+### Fixed
+
+* Fixed regression in `state refresh` where it would exit with a non-zero code when there were no changes.
+
 ## 0.46.0
 
 ### Added
diff --git a/internal/runners/refresh/refresh.go b/internal/runners/refresh/refresh.go
index 1a25a6b594..41a3e3c352 100644
--- a/internal/runners/refresh/refresh.go
+++ b/internal/runners/refresh/refresh.go
@@ -92,7 +92,8 @@ func (r *Refresh) Run(params *Params) error {
 	}
 
 	if !needsUpdate {
-		return locale.NewInputError("refresh_runtime_uptodate")
+		r.out.Notice(locale.T("refresh_runtime_uptodate"))
+		return nil
 	}
 
 	rti, err := runtime_runbit.Update(r.prime, trigger.TriggerRefresh, runtime_runbit.WithoutHeaders(), runtime_runbit.WithIgnoreAsync())
diff --git a/test/integration/refresh_int_test.go b/test/integration/refresh_int_test.go
index 7b2863ba4f..d71dfd1c0b 100644
--- a/test/integration/refresh_int_test.go
+++ b/test/integration/refresh_int_test.go
@@ -39,7 +39,7 @@ func (suite *RefreshIntegrationTestSuite) TestRefresh() {
 
 	cp = ts.Spawn("refresh")
 	cp.Expect("already up to date")
-	cp.ExpectExitCode(1)
+	cp.ExpectExitCode(0)
 }
 
 func (suite *RefreshIntegrationTestSuite) TestJSON() {
diff --git a/version.txt b/version.txt
index 4c8c50fc8d..582463bf16 100644
--- a/version.txt
+++ b/version.txt
@@ -1 +1 @@
-0.46.0-RC3
\ No newline at end of file
+0.46.1-RC1
\ No newline at end of file