SB 882 Expands eligibility for the small business income tax deduction for new job creation
Sponsor: Pearce
LR Number: 6118S.01I Fiscal Note not available
Committee: Ways and Means and Fiscal Oversight
Last Action: 3/8/2012 - Second Read and Referred S Ways and Means and Fiscal Oversight Committee Journal Page: S434
Title: Calendar Position:
Effective Date: August 28, 2012

Full Bill Text | All Actions | Available Summaries | Senate Home Page | List of 2012 Senate Bills

Current Bill Summary

SB 882 - This act specifies that the current state income tax deduction for a small business that create new jobs applies to a sole proprietorship, partnership, S-corporation, C-corporation, limited liability company, limited liability partnership, or other business entity that has fewer than fifty employees. When the small business is a type of business entity where taxation is passed through to the partners or shareholders, this deduction may be allocated to those individuals according to their agreement.

This act is similar to HB 1661 (2012).