| SB 0582 | Phases in full deductibility of federal income taxes for corporations |
| Sponsor: | Kenney | |||
| 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: | ||
| Title: | ||||
| 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.
DAVID TALLMAN