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2004 SESSION
SB 681 Publ. serv. corpor.; requires certain electric suppliers to pay a minimum tax rather than corp. tax.
Introduced by: John C. Watkins | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Taxation; minimum tax on certain electric suppliers. Requires certain electric suppliers to pay a minimum tax rather than the corporate income tax for any year their minimum tax liability is greater than their corporate income tax liability. The minimum tax is equal to 1.45 percent of the electric supplier's gross receipts minus the state's portion of the electric utility consumption tax billed to consumers. For electric cooperatives that are exempt from federal taxation under § 501 of the Internal Revenue Code, the minimum tax is equal to 1.45 percent of the cooperative's gross receipts from sales to nonmembers minus the consumption tax collected from nonmembers. Also included are provisions dealing with electric suppliers that file consolidated or combined returns. The bill will be effective for taxable years beginning on or after January 1, 2004, and there is an emergency clause.
FULL TEXT
- 01/23/04 Senate: Presented & ordered printed w/emg clause 041809840 pdf | impact statement
- 02/17/04 Senate: Committee substitute printed 044948712-S1 pdf | impact statement
- 02/19/04 Senate: Floor substitute printed 044949840-S2 (Watkins) pdf | impact statement
- 03/15/04 Senate: Bill text as passed Senate and House (SB681ER) pdf | impact statement
- 04/20/04 Governor: Acts of Assembly Chapter text (CHAP0716) pdf
HISTORY
- 01/23/04 Senate: Presented & ordered printed w/emg clause 041809840
- 01/23/04 Senate: Referred to Committee on Finance
- 02/17/04 Senate: Committee substitute printed 044948712-S1
- 02/17/04 Senate: Reported from Finance with substitute (10-Y 4-N 1-A)
- 02/18/04 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/18/04 Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
- 02/19/04 Senate: Read second time
- 02/19/04 Senate: Reading of substitute waived
- 02/19/04 Senate: Committee substitute rejected 044948712-S1
- 02/19/04 Senate: Floor substitute printed 044949840-S2 (Watkins)
- 02/19/04 Senate: Reading of substitute waived
- 02/19/04 Senate: Substitute by Sen. Watkins agreed to 044949840-S2
- 02/19/04 Senate: Engrossed by Senate - floor substitute SB681S2
- 02/20/04 Senate: Read third time and defeated by Senate(29-Y 6-N 1-A)
- 02/20/04 Senate: VOTE: PASSAGE (29-Y 6-N 1-A)
- 02/20/04 Senate: 4/5 of Senators voting required for passage
- 02/20/04 Senate: Rec. of defeat. action agreed to by Senate (34-Y 0-N 1-A)
- 02/20/04 Senate: VOTE: RECONSIDER (34-Y 0-N 1-A)
- 02/20/04 Senate: Chair ruled motion to rec. out of order
- 02/20/04 Senate: Chair ruled bill passed
- 02/20/04 Senate: Rec. of passage agreed to by Senate (36-Y 0-N 1-A)
- 02/20/04 Senate: VOTE: RECONSIDER (36-Y 0-N 1-A)
- 02/20/04 Senate: Passed Senate (35-Y 0-N 1-A)
- 02/20/04 Senate: VOTE: PASSAGE (35-Y 0-N 1-A)
- 02/20/04 Senate: Communicated to House
- 02/23/04 House: Placed on Calendar
- 02/23/04 House: Read first time
- 02/23/04 House: Referred to Committee on Finance
- 03/01/04 House: Reported from Finance (18-Y 3-N)
- 03/02/04 House: Read second time
- 03/03/04 House: Rules suspended
- 03/03/04 House: Read third time
- 03/03/04 House: Passed House (95-Y 2-N)
- 03/03/04 House: VOTE: PASSAGE EMERGENCY (95-Y 2-N)
- 03/15/04 Senate: Enrolled
- 03/15/04 Senate: Bill text as passed Senate and House (SB681ER)
- 03/16/04 House: Signed by Speaker
- 03/17/04 Senate: Signed by President
- 04/12/04 Governor: Approved by Governor-Chapter 716 (effective 4/12/04)
- 04/20/04 Governor: Acts of Assembly Chapter text (CHAP0716)