Relating to tax treatment of capital gains; prescribing an effective date.
Catchline/Summary:
Allows deferral of gain, for purposes of state personal income taxes, on sale or other disposition of capital assets if proceeds are reinvested in qualified business interest, qualified investment fund or qualified business asset. Allows deferral of gain, for purposes of state personal income taxes, on sale or other disposition of capital assets if proceeds are reinvested in qualified business interest, qualified investment fund or qualified business asset. Reduces basis of qualified business interest, qualified investment fund or qualified business asset by amount of deferred gain. Requires reinvestment of full amount of proceeds to fully defer tax. Allows Department of Revenue to adopt rules to define what constitutes interim holding or incidental holding.
Defines terms. Requires report to Legislative Assembly. Makes technical changes.
Repeals provisions of earlier deferral program.
Applies to investments made on or after January 1, 2012, and to tax years beginning on or after January 1, 2012.
Takes effect on 91st day following adjournment sine die.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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