diff --git a/.changeset/sharp-rings-march.md b/.changeset/sharp-rings-march.md
new file mode 100644
index 0000000000..1fb3ec0796
--- /dev/null
+++ b/.changeset/sharp-rings-march.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+feat: allow `$state` in return statements
diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/CallExpression.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/CallExpression.js
index 6ef323725b..9f713c5d06 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/visitors/CallExpression.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/CallExpression.js
@@ -104,6 +104,15 @@ export function CallExpression(node, context) {
 		}
 
 		case '$state':
+			if (
+				(!(parent.type === 'VariableDeclarator' || parent.type === 'ReturnStatement') ||
+					get_parent(context.path, -3).type === 'ConstTag') &&
+				!(parent.type === 'PropertyDefinition' && !parent.static && !parent.computed)
+			) {
+				e.state_invalid_placement(node, rune);
+			}
+
+			break;
 		case '$state.raw':
 		case '$derived':
 		case '$derived.by':
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/CallExpression.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/CallExpression.js
index fda43ad791..1cd35e2ec0 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/CallExpression.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/CallExpression.js
@@ -4,6 +4,7 @@ import { dev, is_ignored } from '../../../../state.js';
 import * as b from '../../../../utils/builders.js';
 import { get_rune } from '../../../scope.js';
 import { transform_inspect_rune } from '../../utils.js';
+import { should_proxy } from '../utils.js';
 
 /**
  * @param {CallExpression} node
@@ -33,6 +34,20 @@ export function CallExpression(node, context) {
 		case '$inspect':
 		case '$inspect().with':
 			return transform_inspect_rune(node, context);
+		case '$state':
+			if (context.path.at(-1)?.type === 'ReturnStatement') {
+				if (
+					node.arguments[0] &&
+					should_proxy(
+						/** @type {Expression} */ (context.visit(node.arguments[0])),
+						context.state.scope
+					)
+				) {
+					return b.call('$.proxy', node.arguments[0]);
+				} else {
+					return node.arguments[0] ?? b.void0;
+				}
+			}
 	}
 
 	if (