| At the request of: |
(at the request of Joint Committee on the First Special Session of 2020) |
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Regular Sponsors:
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| Bill Title: |
Relating to taxation; and prescribing an effective date. |
| Catchline/Summary: |
Modifies administrative provisions of corporate activity tax.
Modifies administrative provisions of corporate activity tax. Exempts from taxation certain sales of milk and manufactured dwelling park nonprofit cooperatives. Allows unitary group taxpayer to exclude members lacking ties to state. Defines "cost inputs" for taxpayer engaged in farming operation, for purpose of calculating subtraction. Establishes methods for taxpayer engaged in farming operation to demonstrate percentage of goods sold in state compared to outside state for purposes of determining commercial activity. Specifies that taxpayer is required to register only one time. Provides that returns and allowances are allowed as offset against commercial activity in year that returns or allowances are made. Prescribes methods for apportionment of subtraction. Establishes penalties for failure to file annual return or failure to pay tax by due date of annual return. Requires minimum payment per quarter but bars penalty if taxpayer makes payment equal to required installment for corresponding quarter of prior year. Applies to tax years beginning on or after January 1, 2020.
Takes effect on 91st day following adjournment sine die.
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| Chapter Number: |
Chapter 2
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| Fiscal Impact: |
Has Minimal Fiscal Impact |
| Revenue Impact: |
Revenue Impact Issued |
| Measure Analysis: |
Staff Measure Summary / Impact Statements
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| Current Location: |
Chapter Number Assigned |
| Current Committee: |
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| Current Subcommittee: |
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| Subsequent Referral(s): |
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| Potential Conflicts of Interest/Vote Explanations: |
Potential Conflicts of Interest/Vote Explanation Documents
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