2000 Regular Session

SENATE BILL 56

CHAPTER NUMBER: 225 File Code: Taxes - Miscellaneous
Sponsored By:
Chairman, Budget and Taxation Committee (Departmental - Assessments and Taxation)
Entitled:
Financial Institutions - Taxation

Synopsis:

Terminating the financial institution franchise tax and the savings and loan association franchise tax; providing that specified financial institutions are subject to income tax for tax years beginning after a specified date; providing that, for income tax purposes, interest received by specified financial institutions from one of its subsidiary corporations shall be allocated to the State only to the extent that the interest is derived from the subsidiary's trade or business within the State; etc.

History by Legislative Date

Senate Action
10/5
Pre-filed
1/12
First Reading Budget and Taxation
1/14
Hearing 1/25 at 11:00 a.m.
1/19
Hearing cancelled
Hearing 1/26 at 2:00 p.m.
3/24
Favorable with Amendments Report by Budget and Taxation
3/27
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
3/29
Third Reading Passed (47-0)
4/7
Senate Concur - House Amendment
Third Reading Passed (39-0)
Passed Enrolled
5/11
Signed by the Governor Chapter 225
House Action
3/28
First Reading Ways and Means
3/30
Hearing 4/4 at 1:00 p.m.
4/7
Favorable with Amendments Report by Ways and Means
4/3
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
4/4
Third Reading Passed with Amendments (136-0)
Sponsored by:
Chairman, Budget & Tax. Comm.
Departmental
Bill indexed under the following Subjects:
ASSESSMENTS AND TAXATION, DEPARTMENT OF
COMPTROLLER
EXEMPTIONS
FINANCIAL INSTITUTIONS -see also- BANKS; CREDIT UNIONS; etc.
FRANCHISES
INCOME TAX
INTEREST
PENALTIES
PERSONAL PROPERTY
PROPERTY TAX
REVENUE AND TAXES -see also- DEV FEES & TAXES; specific tax.
SAVINGS AND LOAN ASSOCIATIONS
Bill affects the following Statutes:
Tax - General
( 8-101 , 8-202 , 8-301 , 10-403 )
Tax - Property
( 7-221 , 7-221.1 , 7-228 )

Documents:

Bill Text: First Reading (PDF), Third Reading (PDF), Enrolled (PDF)
Fiscal Note: Available (PDF)
Amendments:
Senate
Number: 789135/1 (PDF)     Offered on: March 27, 2000   at: 9:22 p.m.     Status: Adopted
House
Number: 515162/1 (PDF)     Offered on: April 7, 2000   at: 12:42 p.m.     Status: Adopted
Roll Call Votes (Legislative dates are shown):
Senate
March 29, 2000: Third Reading Passed (47-0)
April 7, 2000: Third Reading Passed (39-0)
House
April 4, 2000: Third Reading Passed (136-0)