SB696 - Modifies provisions relating to the taxation of pass-through entities

SB 696

Modifies provisions relating to the taxation of pass-through entities

Sponsor:

Hoskins

LR Number:

2700S.01I

Committee:

Economic Development and Tax Policy

Last Action:

4/6/2023 - Second Read and Referred S Economic Development and Tax Policy Committee

Journal Page:

S960

Title:

Effective Date:

August 28, 2023

Current Bill Summary

SB 696 - Current law provides for an alternative method for the taxation of the income of pass-through entities, and provides for a compensatory tax credit against income taxes due pursuant to other methods of taxation. This act applies such provisions to fiduciaries.

This act also allows a designated affected business entity representative to sign the form electing to be taxed pursuant to the alternative method of taxation.

JOSH NORBERG

Amendments

No Amendments Found.