HB 498 – Repeals a provision requiring corporate paid-in surplus distributions to be identified as liquidating dividends

• Sponsor: Sifton
• LR Number: 1202S.02T
• Committee: Financial and Governmental Organizations and Elections
• Last Action: 6/25/2013 - Signed by Governor
• Title: SCS HB 498
• Effective Date: August 28, 2013
• House Handler: Jones

Current Bill Summary

SCS/HB 498 - Currently, the distribution of paid-in surplus to corporate shareholders is required to be identified as a liquidating dividend and the amount per share is required to be disclosed to the receiving shareholders when it is paid. This act repeals this provision.

This act is identical to the perfected version of SB 142 (2013).

CHRIS HOGERTY