SB0282

Find a 2015 Bill:

2015 Regular Session

 

Entitled:

Income Tax Credit - Pass-Through Entities

Sponsored by:

Senator Bates

Status:

In the Senate - Hearing 3/10 at 1:00 p.m.


Synopsis: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.
Analysis:Fiscal and Policy Note
All Sponsors:Senators Bates, Cassilly, Eckardt, Edwards, Hershey, Hough, Jennings, Salling, Serafini, Simonaire, and Waugh
Additional Facts:Introduced in a prior session as: HB1384 Session: 2014 Regular Session
Bill File Type: Regular
Effective Date(s): July 1, 2015
Committee(s):
Budget and Taxation  View Committee Hearing
Broad Subject(s):Taxes - Income
Narrow Subject(s):Business Trusts
Corporations -see also- Municipal Corps; Public Corps & Inst
Income Tax
Limited Liability Companies
Partnerships
Tax Credits -see also- Circuit Breaker
Statutes:Article - Tax - General
(10-737)

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Legislative Lingo

Explanation of Floor Motions and Actions


November 20, 2015 7:23 P.M.