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ID H0374
Bill
Status
2/13/2014
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
H0374 Summary
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Limits net operating loss carryback to $50,000 for individuals filing as married filing separate in the year the loss occurs, while maintaining the $100,000 limit for other filers.
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Requires amended returns carrying back net operating losses for tax years beginning January 1, 2013 or later to be filed within one year of the end of the loss year to qualify for carryback.
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Corrects references to the Internal Revenue Code in sections relating to tax-exempt organizations and adds reference to IRC section 6033j regarding failure to file returns.
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Makes technical corrections to capitalization and punctuation in the tax code sections.
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Takes effect immediately upon passage and approval with retroactive application to January 1, 2014.
Legislative Description
Amends existing law relating to the State Income Tax to provide a net operating loss carryback limit of $50,000 to certain taxpayers and corrects language referring to the Internal Revenue Code relating to capital losses.
INCOME TAXATION
Last Action
Reported Signed by Governor on February 13, 2014 Session Law Chapter 9 Effective: 01/01/2014
2/13/2014