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2004 SESSION

• | print version

HB 791 Income tax, corporate; changes in provisions to close loopholes.

Introduced by: Vivian E. Watts | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Corporate income taxation; closing loophole. Closes a corporate income tax loophole that allowed corporations to avoid paying taxes on money paid to passive investment companies in the form of royalties, interest and other intangible income. The loophole is closed by requiring the corporation to add back any otherwise deductible interest expenses and costs and intangible expenses and costs paid, accrued or incurred to one or more related members.

FULL TEXT

• 01/14/04  House: Presented & ordered printed, prefiled 01/14/04 046561544  pdf | impact statement

HISTORY

• 01/14/04  House: Presented & ordered printed, prefiled 01/14/04 046561544
• 01/14/04  House: Referred to Committee on Finance
• 01/15/04  House: Assigned to Finance sub-committee: 2
• 02/13/04  House: Continued to 2005 in Finance (21-Y 1-N)