Allowing an individual a credit against the State income tax equal to the amount by which the tax, when applying a specified effective tax rate, on the individual's distributive share of pass-through entity income exceeds the tax on the individual's distributive share of pass-through entity income when applying a tax rate of 2.875%; providing that an individual may not claim the credit if the individual's effective tax rate is less than 2.875%; and applying the Act to taxable years beginning after December 31, 2013.
Bill File Type: Regular
Effective Date(s): July 1, 2014
|Date Posted||Document Name|
|2/12/2014||Text - First - Income Tax Credit - Pass-Through Entities|
|3/13/2014||Vote - House - Committee - Ways and Means|
( 10-736 )
Last Updated: 2/3/2020 2:29 PM