| SB 0058 | Phases in full deductibility of federal income taxes for corporations |
| Sponsor: | Kenney | |||
| LR Number: | S0478.01I | Fiscal Note: | 0478-01 | |
| Committee: | Ways and Means | |||
| Last Action: | 02/23/99 - Hearing Conducted S Ways & Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 1999 | |||
SB 58 - Current law limits the amount of federal income tax
a corporation can deduct from its state income tax to 50% of its
federal income tax liability for that taxable year. This act
phases in full deductibility of federal income taxes paid by
corporations as follows: for tax year 1999, the limit is
increased to 67%; for tax year 2000, the limit is increased to
83%; and for tax years 2001 and thereafter, a full deduction is
allowed.
RUSS HEMBREE