2015 Regular Session
|At the request of:||(at the request of House Interim Committee on Revenue)|
|Bill Title:||Relating to taxation; and prescribing an effective date.|
Extends sunsets for certain income and excise tax credits.
For purposes of personal income taxation, changes connection point from federal taxable income to federal adjusted gross income by eliminating allowance of itemized deductions or standard deduction. Modifies rates of personal income taxation.] Applies to tax years beginning on or after January 1, 2016.] Directs Legislative Revenue Officer to prepare analysis of options for restructuring state and local revenue system and to submit report on progress of analysis to interim committees of Legislative Assembly. Creates refundable tax credit for employment-related household services and dependent care expenses. Applies to tax years beginning on or after January 1, 2016, and before January 1, 2022. Modifies credit for individual development account contribution by expanding eligible uses of funds and removing limitation on taxpayer contributions. Restricts availability of additional personal exemption credits for taxpayer with severe disability or with disabled child, based on taxpayer income. Modifies tax credit for rural medical provider based on distance from major population center. Reduces percentage available for credit for contributions to Office of Child Care. For purpose of residential energy tax credit, modifies conditions for credit allowed for certain category one alternative energy devices that use solar radiation. Modifies credit limits for each type of category one alternative energy device. Authorizes State Department of Energy to adopt rules that further limit amount of credit based upon market conditions. Removes obsolete provisions related to tax credits previously allowed for alternative fuel vehicles and related equipment and fueling stations. First applies to alternative energy devices certified on or after September 1, 2015, and tax years beginning on or after January 1, 2015. Shortens sunset for tax credit for long term care insurance premiums. Provides that corporate minimum tax may not be reduced, paid or otherwise satisfied by use of tax credits. Applies to tax years beginning on or after January 1, 2015, and before January 1, 2021. Modifies definition of "resident" for purposes of personal income taxation to exclude certain members of Armed Forces if residency as reflected in payroll records is located outside state. Requires taxpayers to file amended returns to claim refunds of exempted amounts for prior tax years. Applies to tax years beginning on or after January 1, 2012. Takes effect on 91st day following adjournment sine die.
|Chapter Number:||Chapter 701|
|Fiscal Impact:||Fiscal Impact Issued|
|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|