| SB 0162 | Lowers corporate franchise tax rate and raises minimum amount necessary for corporation to pay the tax |
| Sponsor: | Maxwell | |||
| LR Number: | S0429.02I | Fiscal Note: | 0429-02 | |
| Committee: | Ways and Means | |||
| Last Action: | 03/23/99 - Hearing Cancelled S Ways & Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 1999 | |||
SB 162 - This act increases the amount of outstanding shares
and surplus, under which a corporation is not required to pay
corporation franchise tax, from the current $200,00 to $1
million. The corporate franchise tax rate is reduced from the
current one-twentieth of one percent to forty-five thousandths of
on percent. Portions of this act are similar to
CCS/SS/SCS/HS/HB 516.
RUSS HEMBREE