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Legislation


2007 Special Session 1

SENATE BILL 22

File Code: Taxes - Miscellaneous
Sponsored By:
Senators Jones and Frosh
Entitled:
Taxation of Corporations - Alternative Minimum Assessment

Synopsis:

Imposing an alternative minimum assessment on corporations doing business in the State; providing for the computation of the alternative minimum assessment as a percentage of a corporation's gross receipts or gross profits, based on an election made by the corporation; limiting the alternative minimum assessment to $5,000,000 for any corporation and to $20,000,000 for affiliated groups of corporations; providing for credits against the corporate income tax under specified circumstances; etc.

History by Legislative and Calendar Date

Senate Action
10/29
First Reading Budget and Taxation
House Action
No Action

Sponsored by:

Senator Verna L. Jones, District 44
Senator Brian E. Frosh, District 16

Bill indexed under the following Subjects:

Assessments
Corporations -see also- Municipal Corps; Public Corps & Inst
Income Tax
Revenue and Taxes -see also- Dev Fees &Taxes; specific tax
Tax Credits -see also- Circuit Breaker

Bill affects the following Statutes:

Tax - General
( 1-101 , 10-102.2 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled
Fiscal and Policy Note: Not available at this time
Amendments: None offered
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