2011 Regular Session
|At the request of:||(at the request of Senate Interim Committee on Finance and Revenue)|
|Bill Title:||Relating to connection to federal tax law; and prescribing an effective date.|
Updates connection date to federal Internal Revenue Code and other provisions of federal tax law.
Maintains December 31, 2009, connection date for bonus depreciation and section 179 expensing for tax years beginning on or after January 1, 2010, and before January 1, 2011.] For provisions related to bonus depreciation, section 179 expensing and cancellation of indebtedness income, restores connection to Internal Revenue Code for tax years beginning on or after January 1, 2011. Clarifies provisions relating to disconnection from federal law for tax years beginning on or after January 1, 2009, and before January 1, 2011. For decedents dying after December 31, 2009, and before December 17, 2010, allows nine-month extension to file inheritance tax return in conformity with extension provided under federal law. Requires payment of inheritance tax as provided in existing state law without regard to extension provided in federal law. Takes effect on 91st day following adjournment sine die.
|Chapter Number:||Chapter 7|
|Fiscal Impact:||No Fiscal Impact|
|Revenue Impact:||Revenue Impact Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||Chapter Number Assigned|
|Potential Conflicts of Interest/Vote Explanations:||Potential Conflicts of Interest/Vote Explanation Documents|