HB1302 Repeals the limit on the state income tax deduction for federal income tax for corporations and replaces revenues lost by the outstanding schools trust fund.
Sponsor: Hanaway, Catherine L (87) Effective Date:00/00/0000
CoSponsor: LR Number: 2716L.01I
Last Action: COMMITTEE: WAYS AND MEANS
02/08/2000 - Public Hearing Held (H)
HB1302
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Summaries for HB1302 Copyright(c)
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Available Bill Text for HB1302
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BILL SUMMARIES

INTRODUCED

HB 1302 -- Income Tax:  Federal Income Tax Deduction for
Corporations

Sponsor:  Hanaway

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