SENATE BILL 392

File Code: Taxes - Income

Sponsored By:

Senators Pinsky, Britt, Frosh, Green, Grosfeld, Hollinger, Kelley, and Middleton

Entitled:

Corporate Income Tax - Apportionment of Income of Multistate Corporations - Throwback Rule

Synopsis:

Requiring that specified sales of tangible personal property be attributed to the State for purposes of the sales factor used for apportioning a corporation's income to the State if the corporation is not taxable in the state of the purchaser; and applying the Act to tax years beginning after 2002.

History by Legislative Date

Senate Action

1/31

First Reading Budget and Taxation

2/12

Hearing 3/5 at 12:30 p.m.

House Action

No Action

Sponsored by:

Senator Paul G. Pinsky, District 22

Senator Gwendolyn Britt, District 47

Senator Brian E. Frosh, District 16

Senator Leo E. Green, District 23

Senator Sharon M. Grosfeld, District 18

Senator Paula C. Hollinger, District 11

Senator Delores G. Kelley, District 10

Senator Thomas M. Middleton, District 28

Bill indexed under the following Subjects:

CORPORATIONS -see also- MUNICIPAL CORPORATIONS

INCOME TAX

INDUSTRY AND TECHNOLOGY

INTERSTATE AFFAIRS

Bill affects the following Statute:

Tax - General

( 10-402 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered