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Glossary of Legislative Terms

SB 238: Corporate Income Tax

GENERAL BILL by Smith

Corporate Income Tax; Revising the definition of the term “adjusted federal income” to prohibit specified deductions, limit certain carryovers, and require subtractions of certain dividends paid and received within a unitary combined group to determine subtractions from taxable income; repealing a provision relating to the adjusted federal income of affiliated groups; specifying circumstances under which a corporation is considered a member of a unitary combined group; specifying requirements for, limitations on, and prohibitions in calculating and reporting income in a unitary combined group return, etc.

Effective Date: 7/1/2026
Last Action: 11/3/2025 Senate - Referred to Commerce and Tourism; Finance and Tax; Appropriations
Bill Text: Web Page | PDF
Senate Committee References:
  1. Commerce and Tourism (CM)
  2. Finance and Tax (FT)
  3. Appropriations (AP)


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Bill History

Date Chamber Action
10/17/2025 Senate • Filed
11/3/2025 Senate • Referred to Commerce and Tourism; Finance and Tax; Appropriations