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2023 SESSION

• | print version

SB 1476 Income tax, state; pass-through entities.

Introduced by: J. Chapman Petersen | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; pass-through entities. Makes changes to the elective entity level tax on pass-through entities effective beginning with taxable year 2021. The bill would impose the tax only on the share of income, gain, loss, or deduction attributable to eligible owners as opposed to imposing the tax on the entire entity. The bill defines "eligible owner" as an owner of a pass-through entity that is a natural person, estate, or trust. The bill also removes the requirement that to qualify for the tax election a pass-through entity must be 100 percent owned by natural persons or persons eligible to be shareholders in an S corporation. This bill is identical to HB 1456.

FULL TEXT

• 01/18/23  Senate: Presented and ordered printed 23104287D  pdf | impact statement
• 02/15/23  Senate: Bill text as passed Senate and House (SB1476ER)  pdf | impact statement
• 03/27/23  Governor: Acts of Assembly Chapter text (CHAP0687)  pdf

HISTORY

• 01/18/23  Senate: Presented and ordered printed 23104287D
• 01/18/23  Senate: Referred to Committee on Finance and Appropriations
• 01/31/23  Senate: Reported from Finance and Appropriations (15-Y 0-N)
• 02/01/23  Senate: Constitutional reading dispensed (40-Y 0-N)
• 02/02/23  Senate: Read second time and engrossed
• 02/02/23  Senate: Constitutional reading dispensed (40-Y 0-N)
• 02/02/23  Senate: Passed Senate (40-Y 0-N)
• 02/08/23  House: Placed on Calendar
• 02/08/23  House: Read first time
• 02/08/23  House: Referred to Committee on Finance
• 02/08/23  House: Reported from Finance (21-Y 0-N)
• 02/10/23  House: Read second time
• 02/13/23  House: Passed House BLOCK VOTE (99-Y 0-N)
• 02/13/23  House: VOTE: Block Vote Passage (99-Y 0-N)
• 02/15/23  Senate: Enrolled
• 02/15/23  Senate: Bill text as passed Senate and House (SB1476ER)
• 02/15/23  House: Signed by Speaker
• 02/16/23  Senate: Signed by President
• 02/27/23  Senate: Enrolled Bill Communicated to Governor on February 27, 2023
• 02/27/23  Governor: Governor's Action Deadline 11:59 p.m., March 27, 2023
• 03/27/23  Governor: Approved by Governor-Chapter 687 (effective 7/1/23)
• 03/27/23  Governor: Acts of Assembly Chapter text (CHAP0687)