SB 1365 - Fitzwater, Travis
Authorizes an income tax deduction for certain research expenses
Bill Details
Sponsor
LR Number
5287S.01I
Title
SB 1365
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2024
Committee
Current Status
Voted Do Pass S Economic Development and Tax Policy Committee
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 1365 - Federal law requires taxpayers to amortize the deduction for research and experimental expenses over a period of years. This act allows a taxpayer to deduct the full amount of such expenses for the taxpayer's state income taxes during the tax year in which they were incurred.
This act is identical to HB 2457 (2024) and to a provision in HCS/HB 1427 (2024).
JOSH NORBERG