SB 392 Phases out the corporate income tax
Sponsor: Shields
LR Number: 2014S.01I Fiscal Note: 2014-01
Committee: Ways and Means
Last Action: 3/4/2009 - Hearing Conducted S Ways and Means Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2009

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Current Bill Summary

SB 392 - Under current law, taxable income of corporations is taxed annually at a rate of six and one-fourth percent. Beginning tax year 2011, this act gradually reduces the rate of tax on corporate income by twenty percent per year such that by tax year 2015, no tax will be imposed upon corporate income.

This act is similar to Senate Bill 367 (2009) and House Bill 178 (2009).