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2012 SESSION
HB 460 Income tax, corporate; basis by which TAX shall assess manufacturing companies with additional tax.
Introduced by: Kathy J. Byron | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Corporate income tax; single sales factor apportionment for income of manufacturers. Repeals the penalties that would have been assessed on any manufacturer that elected the single sales factor apportionment for income and that did not maintain certain employment levels. The bill also would only require a manufacturer that elected the single sales factor apportionment to pay additional taxes and interest if its average annual employment falls below 90 percent of the base year employment, or if the average wage of its employees is less than the state or local average weekly wage.
SUMMARY AS INTRODUCED:
Corporate income tax; single sales factor apportionment for income of manufacturers. Repeals the additional taxes, penalties, and interests that would have been assessed on any manufacturer that elected the single sales factor apportionment for income and that did not maintain certain employment levels.