SB 1596: Corporate Income Tax
GENERAL BILL by Rodriguez
Corporate Income Tax; Revising the definition of the term “adjusted federal income” to prohibit specified deductions, to limit certain carryovers, and to require subtractions of certain amounts paid and received within a water’s edge group for the purpose of determining subtractions from taxable income; specifying circumstances under which a corporation is presumed to be, deemed to be, or deemed not to be a member of a water’s edge group; specifying requirements for, limitations on, and prohibitions in calculating and reporting income in a water’s edge group return, etc.
Effective Date: 7/1/2020
Last Action: 3/14/2020 Senate - Died in Commerce and Tourism
Bill Text: Web Page | PDF
Last Action: 3/14/2020 Senate - Died in Commerce and Tourism
Bill Text: Web Page | PDF
Senate Committee References:
- Commerce and Tourism (CM)
- Finance and Tax (FT)
- Appropriations (AP)
Bill History
| Date | Chamber | Action |
|---|---|---|
| 1/9/2020 | Senate |
• Filed |
| 1/17/2020 | Senate |
• Referred to Commerce and Tourism; Finance and Tax; Appropriations -SJ 157 |
| 1/22/2020 | Senate |
• Introduced -SJ 157 |
| 3/14/2020 | Senate |
• Indefinitely postponed and withdrawn from consideration • Died in Commerce and Tourism |