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2010 SESSION

• | print version

SB 407 Income tax, corporate; required for royalty and similar payments made to intangible holding company.

Introduced by: Mary Margaret Whipple | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Corporate income tax; inclusion of certain income.  Clarifies the addition required for royalty and similar payments made to an affiliated intangible holding company (“IHC”) by codifying The Department of Taxation's ("TAX") interpretation of the exception for payments on which the IHC is subject to tax in another state. TAX has interpreted this exception as being limited to the portion of the payments that are subject to tax in the other state(s). Thus, if five percent of the IHC’s income was apportioned to another state, then only five percent of the payments to the IHC are exempt from the addition.

FULL TEXT

• 01/13/10  Senate: Prefiled and ordered printed; offered 01/13/10 10101377D  pdf

HISTORY

• 01/13/10  Senate: Prefiled and ordered printed; offered 01/13/10 10101377D
• 01/13/10  Senate: Referred to Committee on Finance
• 02/11/10  Senate: Stricken at request of Patron in Finance (14-Y 0-N)