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ID S1248

Bill

Official Source

Status

Introduced

1/20/2012

Primary Sponsor

Diane Bilyeu

Click for details

Origin

Senate

2012 Regular Session

AI Summary

  • All income tax deductions and credits automatically expire on January 1, 2013, unless extended by statute
  • Extended income tax deductions and credits expire 5 years from the extension date, with possible re-extension for an additional 5-year period
  • New income tax deductions and credits enacted after July 1, 2010, expire 5 years after their effective date unless extended by statute
  • All sales and use tax exemptions automatically expire on January 1, 2013, unless extended by statute
  • Extended and newly enacted sales and use tax exemptions follow the same 5-year expiration and re-extension framework as income tax provisions

Legislative Description

Adds to existing law to provide for the expiration of income tax credits or deductions or sales tax exemptions unless extended by statute.

INCOME TAX

Last Action

to Loc Gov

1/23/2012

Committee Referrals

Local Government and Taxation1/23/2012

Full Bill Text

No bill text available