SB 0094 Phases in full deductibility of federal income taxes for corporations
Sponsor:Kenney
LR Number:0525S.01I Fiscal Note:0525-01
Committee:Ways and Means
Last Action:01/30/01 - Hearing Conducted S Ways and Means Committee Journal page:
Title:
Effective Date:August 28, 2001
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Current Bill Summary

SB 94 - Current law limits the amount of federal income tax a corporation can deduct from its state income tax to 50% of its federal income tax liability for that taxable year. This act phases in full deductibility of federal income taxes paid by corporations as follows: for tax year 2001, the limit is increased to 67%; for tax year 2002, the limit is increased to 83%; and for tax years 2003 and thereafter, a full deduction is allowed.

This act is identical to SB 582 (2000).
DAVID VALENTINE