(at the request of Senate Interim Committee on Finance and Revenue)
Chief Sponsors:
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Regular Sponsors:
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Bill Title:
Relating to taxation; and prescribing an effective date.
Catchline/Summary:
Makes corrections to provisions related to income tax subtraction for senior medical expenses, tax treatment of domestic international sales corporations and distribution of proceeds from cigarette tax. Makes corrections to provisions related to income tax subtraction for senior medical expenses, tax treatment of domestic international sales corporations and distribution of proceeds from cigarette tax. Modifies conditions for optional reduced rates of personal income tax on nonpassive income attributable to partnership or S corporation to align material participation requirement with federal provision. States that provision allowing Department of Revenue to waive penalty or interest on underpayment or underreporting of taxes attributable to retroactive application of legislation applies to immediate tax year.
Provides that additional personal exemption credits allowed for child with disability or for taxpayer with severe disability are not phased out or eliminated based on income. Applies to tax years beginning on or after January 1, 2013.
Retroactively reinstates reciprocal tax exemptions applicable to interstate bridges.
Modifies terminology relating to exemption from taxable income of compensation paid to nonresidents for duties performed on vessels. Provides that penalties for failure to substantiate reports required to be made to Department of Revenue apply per individual federal form W-2. Applies to tax years beginning on or after January 1, 2014.
Provides that income tax assessment imposed on residents of county affected by fiscal emergency, if imposed on nonresident, shall be prorated according to provisions applicable to personal income tax.
Takes effect on 91st day following adjournment sine die.
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SB 1534
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