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2016 SESSION
SB 508 Corporate income tax; addback for Captive REIT dividends.
Introduced by: Glen H. Sturtevant, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Corporate income tax; addback for Captive REIT dividends. Provides that the voting power or value of the beneficial interests or shares in a real estate investment trust (REIT) that is held in a segregated asset account of a life insurance corporation shall not be taken into consideration when determining if the REIT is a Captive REIT for corporate income tax purposes. Under current law, no deduction from corporate income is allowed for dividends paid by a Captive REIT. The bill modifies current law for purposes of determining whether a REIT is a Captive REIT that will not be allowed a deduction for the dividends it pays.
The bill is effective for taxable year 2016 and thereafter.
FULL TEXT
HISTORY
- 01/12/16 Senate: Prefiled and ordered printed; offered 01/13/16 16102015D
- 01/12/16 Senate: Referred to Committee on Finance
- 02/09/16 Senate: Reported from Finance (15-Y 0-N)
- 02/10/16 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/11/16 Senate: Read second time and engrossed
- 02/11/16 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/11/16 Senate: Passed Senate (40-Y 0-N)
- 02/15/16 House: Placed on Calendar
- 02/15/16 House: Read first time
- 02/15/16 House: Referred to Committee on Finance
- 03/08/16 House: Left in Finance