SENATE BILL 2

Sponsored By:

Senator Baker

Entitled:

Income Tax - Installment Sales - Credit for Tax Paid to Another State for Earlier Taxable Year

Synopsis:

Allowing a credit against the State income tax for state tax on income paid to another state for an earlier taxable year on specified income from an installment sale that is recognized for federal income tax purposes in the current taxable year; and applying the Act to taxable years after 1996.

Legislative History

Senate Action

6/26

Pre-filed

1/8

First Reading Budget and Taxation

Hearing 1/15 at 2:00 p.m.

1/10

Hearing cancelled

1/15

Hearing 1/29 at 1:30 p.m.

2/24

Favorable Report by Budget and Taxation

2/25

Favorable Report Adopted

Second Reading Passed

2/27

Third Reading Passed (46-0)

4/1

Returned Passed

5/8

Signed by the Governor Chapter 320

House Action

2/28

First Reading Ways and Means

3/5

Hearing 3/18 at 1:00 p.m.

3/31

Favorable Report by Ways and Means

3/27

Favorable Report Adopted

Second Reading Passed

3/28

Third Reading Passed (131-1)

Bill indexed under the following Subjects:

COMMERCE AND BUSINESS -see also- SMALL BUSINESS

CREDIT

INCOME TAX

INTERSTATE AFFAIRS

TAX CREDITS

Bill affects the following Statute:

Tax - General

( 10-703.2 )

Documents:

Bill Text:

First Reading (PDF), Third Reading (PDF), Enrolled

Fiscal Note: Available (PDF)