HB1244 Eliminates the limit on the deduction of federal income taxes on state returns by corporate taxpayers.
Sponsor: Wright, Mark (137) Effective Date:00/00/0000
CoSponsor: LR Number: 3215L.01I
Last Action: COMMITTEE: WAYS AND MEANS
02/08/2000 - Public Hearing Held (H)
HB1244
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Summaries for HB1244 Copyright(c)
* Introduced

Available Bill Text for HB1244
* Introduced *

BILL SUMMARIES

INTRODUCED

HB 1244 -- Income Tax:  Federal Income Tax Deduction for
Corporations

Sponsor:  Wright

This bill authorizes a 100% state income tax deduction for
federal income taxes paid by a corporation.  Under current law,
corporations are only allowed to deduct 50% of federal income
tax paid.

The bill also replaces the lost transfers to the Outstanding
Schools Trust Fund resulting from the increased deduction for
federal income taxes paid by corporations with general revenue
funds.

The bill will apply to tax year 2000 and thereafter.


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Last Updated October 5, 2000 at 11:32 am