SB 0162 Lowers corporate franchise tax rate and raises minimum amount necessary for corporation to pay the tax
Sponsor:Maxwell
LR Number:S0429.02I Fiscal Note:0429-02
Committee:Ways and Means
Last Action:03/23/99 - Hearing Cancelled S Ways & Means Committee Journal page:
Title:
Effective Date:August 28, 1999
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Current Bill Summary

SB 162 - This act increases the amount of outstanding shares and surplus, under which a corporation is not required to pay corporation franchise tax, from the current $200,00 to $1 million. The corporate franchise tax rate is reduced from the current one-twentieth of one percent to forty-five thousandths of on percent. Portions of this act are similar to CCS/SS/SCS/HS/HB 516.
RUSS HEMBREE