2011 Regular Session

SENATE BILL 979

File Code: Taxes - Miscellaneous
Sponsored By:
Senator Jones-Rodwell
Entitled:
Taxation of Corporations - Alternative Minimum Assessment

Synopsis:

Imposing an alternative minimum assessment (AMA) on corporations doing business in the State; providing for the computation of the AMA as a percentage of a corporation's gross receipts or gross profits, based on an election made by the corporation; limiting the AMA to $5,000,000 for any corporation and to $20,000,000 for affiliated groups of corporations; providing for credits against the corporate income tax under specified circumstances; applying the Act to tax years after 2010; etc.

History by Legislative and Calendar Date

Legislative date is used to record history occurring in the Chambers otherwise Calendar date is used.
Senate Action
3/9
First Reading Senate Rules
Motion Rules Suspended for late introduction (Senator Jones-Rodwell) Adopted
Referred Senate Rules
3/14
Re-referred Budget and Taxation
Hearing 3/23 at 1:00 p.m.
House Action
No Action

Bill indexed under the following Subjects:

Assessments
Corporations -see also- Municipal Corps; Public Corps & Inst
Income Tax
Revenue and Taxes -see also- Dev Fees & Taxes; specific tax.
Tax Credits -see also- Circuit Breaker

Bill affects the following Statutes:

Tax - General
( 1-101 , 10-102.2 , 10-729 )

Documents

All documents except Roll Call Votes are displayed in PDF format:
Bill Text: First Reading, Third Reading, Enrolled
Fiscal and Policy Note: Available
Amendments: None offered