SB 15 Allows full deductibility of federal taxes for state income tax purposes
Sponsor: Lembke
LR Number: 0221S.01I Fiscal Note: 0221-01N.ORG
Committee: Ways and Means and Fiscal Oversight
Last Action: 1/12/2011 - Second Read and Referred S Ways and Means and Fiscal Oversight Committee Journal Page: S85
Title: Calendar Position:
Effective Date: August 28, 2011

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Current Bill Summary


SB 15 - This act allows the full deductibility of federal income tax liabilities of corporations and individuals for state income tax purposes for all tax years beginning after January 1, 2012. Under current law, corporations are allowed to deduct 50% of their federal income tax liability, and individuals are limited to deducting no more than of $5,000 of their federal income tax liability per tax year on a single return or $10,000 of their federal income tax liability on a combined return.

JASON ZAMKUS