SENATE BILL 397

File Code: Taxes - Income

Sponsored By:

Senators Pinsky, Britt, Frosh, Grosfeld, and Kelley

Entitled:

Income Tax - Multistate Corporations - Allocation of Nonapportionable Income

Synopsis:

Providing that, to the extent allowed under the Constitution of the United States, if the principal place from which the trade or business of a corporation is directed or managed is in the State, the corporation's income that is not apportionable under the Constitution of the United States shall be allocated to the State for income tax purposes; applying the Act to tax years after 2002; etc.

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 Sharon M. Grosfeld, District 18

Senator Delores G. Kelley, District 10

Bill indexed under the following Subjects:

CORPORATIONS -see also- MUNICIPAL CORPORATIONS

INCOME TAX

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