SB 18 Places a cap on corporate franchise taxes
Sponsor: Schmitt
LR Number: 0285S.04P Fiscal Note: 0285-04P.ORG
Committee: Jobs, Economic Development and Local Government
Last Action: 5/13/2011 - S Informal Calendar S Bills for Third Reading--SCS for SB 18-Schmitt Journal Page:
Title: SCS SB 18 Calendar Position: 1
Effective Date: August 28, 2011

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Current Bill Summary

SCS/SB 18 - This act caps corporate franchise tax liabilities at the amount of each corporation's tax liability for the 2010 tax year. If a corporation did have a corporate franchise tax liability in 2010 because such corporation was not doing business within the state or did not exist, such corporation's franchise tax liability will be capped at the amount of such corporation's franchise tax liability for its first full-year of existence.