SB 175 - Current law provides for a tax credit for banking institutions to compensate for franchise taxes paid by banking institutions, as well as a tax credit that may be claimed in the event the corporate franchise tax is repealed by the General Assembly. Because the corporate franchise tax was repealed beginning January 1, 2016, for all tax years beginning on or after January 1, 2020, this act disallows the tax credit designed to compensate for the franchise tax. This act is identical to HB 455 (2019) and to a provision contained in SCS/SB 174 (2019), SS/SCS/SBs 46 & 50 (2019), SS/HCS/HB 255 (2019), and SCS/HCS/HB 333 (2019).
JOSHUA NORBERG