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2023 SESSION

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SB 1423 Income tax, state; rates and deductions for businesses.

Introduced by: David R. Suetterlein | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; rates and deductions for businesses. Provides an individual income tax deduction for 50 percent of the amount of qualified business income deductible for federal income tax purposes, but excluding the amount of qualified REIT dividends deductible under the same provision of the Internal Revenue Code. The bill also reduces the corporate income tax rate from six percent to five percent for taxable years beginning on or after January 1, 2023.

FULL TEXT

• 01/11/23  Senate: Prefiled and ordered printed; offered 01/11/23 23102705D  pdf | impact statement

HISTORY

• 01/11/23  Senate: Prefiled and ordered printed; offered 01/11/23 23102705D
• 01/11/23  Senate: Referred to Committee on Finance and Appropriations
• 01/25/23  Senate: Incorporated by Finance and Appropriations (SB1355-Newman) (14-Y 0-N)