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2023 SESSION

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SB 796 Income tax, corporate; returns, affiliated corporations.

Introduced by: Scott A. Surovell | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Corporate income tax returns; filing method for affiliated corporations. Removes the requirement that, in order for a group of affiliated corporations to be granted permission from the Tax Commissioner to change their filing status for corporate income tax purposes, for the previous tax year there would have been no decrease in tax liability computed under the proposed election as compared to the affiliated group's former filing method. The bill retains the current requirement that the affiliated group agree to file returns under both the new filing method and the former method and pay the greater of the two amounts for the taxable year in which the new election is effective and for the immediately succeeding taxable year. This bill is identical to HB 1405.


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