|SB 0582||Phases in full deductibility of federal income taxes for corporations|
|LR Number:||2444S.01I||Fiscal Note:||2444-01|
|Committee:||Ways and Means|
|Last Action:||02/01/00 - Hearing Conducted S Ways & Means Committee||Journal page:|
|Effective Date:||August 28, 2000|
SB 582 - Current law limits the amount of federal income tax a corporation can deduct from its state income tax to 50% of its federal income tax liability for that taxable year. This act phases in full deductibility of federal income taxes paid by corporations as follows: for tax year 2000, the limit is increased to 67%; for tax year 2001, the limit is increased to 83%; and for tax years 2002 and thereafter, a full deduction is allowed.
This act is similar to SB 581, SB 695 and SB 696.