2011 Regular Session
|At the request of:|
|Bill Title:||Relating to capital gains subtraction for certain business entity transactions; prescribing an effective date.|
Establishes subtraction for purposes of income and excise taxation for amounts included in federal taxable income as result of recognition of capital gain due to sale or exchange of property by certain business entities.
Allows for adjusted basis in property if certain conditions are met. Applies to tax years beginning on or after January 1, 2012. Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||Has Minimal Fiscal Impact|
|Revenue Impact:||Revenue Impact Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||In House Committee|
|Current Committee:||House Committee On Revenue|
|Potential Conflicts of Interest/Vote Explanations:||Potential Conflicts of Interest/Vote Explanation Documents|