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SB 0248 - Taxation of Corporations - Alternative Minimum Assessment
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Tracking Level: No Position
Sponsor: Senator Verna L. Jones-Rodwell, District 44
Last Action: 3/5/2012 - S Unfavorable Report by Budget and Taxation Withdrawn
Senate Committee: Senate Committee on Budget and Taxation
Assigned To:
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Taxes and RevenuesNext Bill

Staff Analysis of the Legislation


Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text
BILL INFO-2012 Regular Session-SB 248
2012 Regular Session

SENATE BILL 248

File Code: Taxes - Income Prior Year Introduction As: SB 979/11 - B&T
Sponsored By:
Senators Jones-Rodwell and Montgomery
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 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; applying the Act to tax years after 2011; etc.

History by Legislative and Calendar Date

Legislative date is used to record history occurring in the Chambers otherwise Calendar date is used. For explanation of terms click here.
Senate Action
1/25
First Reading Budget and Taxation
2/1
Hearing 2/15 at 1:00 p.m.
2/8
Hearing cancelled
Hearing 2/15 at 1:15 p.m.
3/5
Unfavorable Report by Budget and Taxation Withdrawn
House Action
No Action

Sponsored by:

Senator Verna L. Jones-Rodwell, District 44
Senator Karen S. Montgomery, District 14

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 , 10-731 )

Documents

All documents except Roll Call Votes are displayed in PDF format:
Bill Text: First Reading, Third Reading, Enrolled
Fiscal and Policy Note: Available
Amendments: None offered