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1997 SESSION

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SB 1030 License tax on public service corporations.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY:

License tax on public service corporations. Excludes from the taxable gross receipts of a water, heat, light, or power company any receipts from the lease or other transfer of real property or other assets. Currently, sales of real property and other assets, other than goods held in inventory, are excluded from gross receipts. However, if the transaction involves the leaseback of the property, the net benefit is included in gross receipts. The net benefit is the amount by which the value paid to the public service company for the property exceeds the public service company's payments under the leaseback arrangement.

FULL TEXT

• 01/20/97  Senate: Presented & ordered printed 975742629  pdf

HISTORY

• 01/20/97  Senate: Presented & ordered printed 975742629
• 01/20/97  Senate: Referred to Committee on Finance
• 02/04/97  Senate: Left in Finance