2015 Regular Session
|At the request of:||(at the request of House Interim Committee on Revenue)|
|Bill Title:||Relating to use of federal itemized deductions; prescribing an effective date.|
Directs Department of Revenue to calculate net federal itemized deduction ratio averaged over five consecutive biennia ending June 30, 2011.
Directs department, for each biennium, to state percentage that, when multiplied by aggregate net federal itemized deductions that all personal income taxpayers would otherwise be entitled to claim, department projects to result in unchanged net federal itemized deduction ratio for biennium. Provides that itemized deductions otherwise allowed to personal income taxpayer shall be reduced by calculated multiplier. Applies to biennia beginning on or after July 1, 2015, and to tax years beginning on or after January 1, 2016. Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||May Have Fiscal Impact, But No Statement Yet Issued|
|Revenue Impact:||May Have Revenue Impact, But No Statement Yet 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|