SB 0065 Restores full federal income tax deductibility for corporations
LR Number:S0277.01I Fiscal Note:0277-01
Committee:Ways and Means
Last Action:03/02/99 - Hearing Conducted S Ways & Means Committee Journal page:
Effective Date:August 28, 1999
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Current Bill Summary

SB 65 - Current law limits the deduction for federal income taxes paid by corporations to 50% of the taxes paid. This act removes that limitation and allows full deductibility of federal income taxes for corporations beginning January 1, 2000.

The act is similar to SB 590 (1998).