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1998 SESSION

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HB 1120 Credit for taxes paid to other states.

Introduced by: I. Vincent Behm, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Credit for taxes paid to other states., Extends the state income tax credit for taxes paid on income to other states to include recognized capital gain on the sale of any capital asset, excluding assets based in a trade or business, to the extent such gain is included in federal adjusted gross income. Current law limits the credit to any earned income or business income or gain on the sale of a principal residence. Effective for taxable years beginning on and after January 1, 1998.


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