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ID H0463
Bill
Status
3/12/2018
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
House Bill 463 Summary
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Establishes Internal Revenue Code applicability for tax years beginning January 1, 2018 or later as the code in effect on January 1, 2018, with specific applications for IRC sections 965 and 213
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Reduces individual income tax rates across all brackets, with top marginal rate decreasing from 7.4625% to 6.925% on income over $7,500
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Reduces corporate income tax rate from 7.4625% to 6.925% for standard corporations and S corporations with net recognized built-in gain or excess net passive income
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Creates new nonrefundable child tax credit of $130 per qualifying child for tax years 2018-2025, with custody and divorce provisions for determining eligible taxpayers
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Provides retroactive application to January 1, 2018 and declares the act an emergency measure
Legislative Description
Repeals, adds to and amends existing law to provide for applicability of the Internal Revenue Code to different tax years; to revise the calculation of a net operating loss; to revise the calculation of net taxable income for corporations; to reduce the individual and corporate income tax rate; and to provide for a child tax credit.
TAXES
Last Action
Reported Signed by Governor on March 12, 2018 Session Law Chapter 46 Effective: Retroactive to 01/01/2018
3/12/2018