HB 1619 – Phases out franchise tax rates and threshold amounts over a period of years

• Sponsor: Gibbons
• LR Number: 4524S.02C
• Committee: Ways & Means
• Last Action: 5/12/2006 - S Inf Calendar H Bills for Third Reading
• Title: SCS HB 1619
• Effective Date: August 28, 2006
• House Handler: Sutherland

Current Bill Summary

SCS/HB 1619 - This act phases-out the annual franchise tax rates and income threshold amounts for corporations over a period of five years beginning tax year 2007. The act also modifies the tax credit allowed for banking institutions to compensate for the phase-out of the franchise tax.

JASON ZAMKUS