SB 521
Modifies provisions relating to the taxation of certain partnerships
LR Number:
Last Action:
3/9/2017 - Second Read and Referred S Ways and Means Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2017

Current Bill Summary

SB 521 - For all tax years beginning on or after January 1, 2018, this act provides that a partnership that is audited by the Internal Revenue Service and that is assessed an imputed underpayment shall pay income tax on such adjustment rather than passing the adjustment through to each partner. Such tax shall be at the highest rate of income tax imposed on individuals.

Such partnership shall file a return on a form prescribed by the Director of Revenue for the reviewed year within ninety days after the final determination of the partnership adjustments by the Internal Revenue Service.