HB 1661 – Expands eligibility for the small business income tax deduction for new job creation

• Sponsor: Pearce
• LR Number: 5684L.02T
• Committee: Ways and Means and Fiscal Oversight
• Last Action: 6/27/2012 - Signed by Governor
• Title: HCS HB 1661
• Calendar Position: 20
• Effective Date: August 28, 2012
• House Handler: Hoskins

Current Bill Summary

HCS/HB 1661 - This act specifies that the current state income tax deduction for a small business that create new jobs applies to a sole proprietorship, partnership, S-corporation, C-corporation, limited liability company, limited liability partnership, or other business entity that has fewer than fifty employees. When the small business is a type of business entity where taxation is passed through to the partners or shareholders, this deduction may be allocated to those individuals according to their agreement.

This act is identical to SB 882 (2012) and a provision of HB 1717 (2012).

EMILY KALMER