SB 0696 Restores full federal income tax deductibility for corporations
LR Number:2457S.01I Fiscal Note:2457-01
Committee:Ways and Means
Last Action:03/28/00 - Hearing Conducted S Ways & Means Committee Journal page:
Effective Date:August 28, 2000
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Current Bill Summary

SB 696 - Current law limits the deduction for federal income taxes paid by corporations to 50% of the taxes paid. This act removes that limitation and allows full deductibility of federal income taxes for corporations beginning January 1, 2001.

The act is similar to SB 581, SB 582 and SB 695.