|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|
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).