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.
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Bill History
Date Chamber Action 10/17/2025 Senate • Filed
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SB 238, Original Filed Version (Current Bill Version) Posted 10/17/2025 at 9:56 AM
Bill Text: Web Page | PDF Analyses: None Citations - Statutes (20)
Citation Catchline Location in Bill Location In Bill Help 220.03 Definitions. Page 3 (pdf) 220.13 “Adjusted federal income” defined. Page 3 (pdf) 220.131 Adjusted federal income; affiliated groups. Page 17 (pdf) 220.136 Page 17 (pdf) 220.1363 Page 17 (pdf) 220.14 Exemption. Page 22 (pdf) 220.15 Apportionment of adjusted federal income. Page 23 (pdf) 220.183 Community contribution tax credit. Page 25 (pdf) 220.1845 Contaminated site rehabilitation tax credit. Page 25 (pdf) 220.1875 Credit for contributions to eligible nonprofit scholarship-funding organizations. Page 27 (pdf) 220.1876 Credit for contributions to the New Worlds Reading Initiative. Page 27 (pdf) 220.1877 Credit for contributions to eligible charitable organizations. Page 27 (pdf) 220.18775 Credit for contributions to eligible charitable organizations for the Home Away From Home Tax Credit. Page 27 (pdf) 220.1878 Credit for contributions to the Live Local Program. Page 28 (pdf) 220.19 Child care tax credits. Page 28 (pdf) 220.191 Capital investment tax credit. Page 28 (pdf) 220.1991 Credit for manufacturing of human breast milk derived human milk fortifiers. Page 29 (pdf) 220.51 Promulgation of rules and regulations. Page 30 (pdf) 220.64 Other provisions applicable to franchise tax. Page 30 (pdf) 376.30781 Tax credits for rehabilitation of drycleaning-solvent-contaminated sites and brownfield sites in designated brownfield areas; application process; rulemaking authority; revocation authority. Page 31 (pdf)