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2013 Regular Session
Overview
At the request of: (at the request of Mentor Graphics)
Chief Sponsors: Representative Davis, Gilliam
Regular Sponsors: Representative Bailey,Garrett,Read, Whisnant, Senator Bates,George, Hass, Johnson
Bill Title: Relating to tax treatment of intangible expenses; and prescribing an effective date.
Catchline/Summary: Provides that, for purposes of corporate taxation, expenses paid to related member for use of intangible property and required to be added to federal taxable income do not include expenses paid for valid business purpose to person that is not related member or to foreign corporation not connected with United States trade or business.
Provides that, for purposes of corporate taxation, expenses paid to related member for use of intangible property and required to be added to federal taxable income do not include expenses paid for valid business purpose to person that is not related member or to foreign corporation not connected with United States trade or business. Allows application to foreign transactions of provision allowing for disallowance of certain intercompany transactions involving intangible assets. Applies to tax years beginning on or after January 1, 2010. Repeals provision requiring taxpayer to add back expenses paid to related member for use of intangible property. Applies to tax years beginning on or after January 1, 2013. Takes effect on 91st day following adjournment sine die.
Chapter Number: Chapter 467
Fiscal Impact: Has Minimal Fiscal Impact
Revenue Impact: Has Minimal Revenue Impact
Measure Analysis: Staff Measure Summary / Impact Statements
Current Location: Chapter Number Assigned
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