2015 Regular Session
|At the request of:||(at the request of Senate Interim Committee on Finance and Revenue)|
|Bill Title:||Relating to reduced rates of taxation on pass-through income; prescribing an effective date.|
Modifies conditions for optional reduced rates of personal income tax on nonpassive income attributable to partnership or S corporation by aligning with federal provision that allows for elective grouping of related entities that form economic unit.
Provides that reduced rates do not apply to income reported by spouses engaged in qualified joint venture. Applies 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 Senate Committee|
|Current Committee:||Senate Committee On Finance and Revenue|
|Potential Conflicts of Interest/Vote Explanations:||Potential Conflicts of Interest/Vote Explanation Documents|