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, 2014.
Bill File Type: Regular
Effective Date(s): July 1, 2015
|Date Posted||Document Name|
|2/05/2015||Text - First - Income Tax Credit - Pass-Through Entities|
( 10-737 )
Last Updated: 2/3/2020 2:29 PM