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ID H0014
Bill
Status
2/8/2019
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Amends Section 63-3021 to add a deduction limitation for qualified business income under IRC Section 199A when calculating net operating losses.
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Amends Section 63-3022 to add a new provision allowing deduction of excess business losses disallowed under IRC Section 461(l)(1)(B) that are treated as part of the taxpayer's net operating loss carryforward for federal income tax purposes.
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Applies retroactively to January 1, 2019, and declares an emergency for immediate implementation.
Legislative Description
Amends existing law to revise the method of computing a taxpayer's net operating loss.
INCOME TAXES
Last Action
Reported Signed by Governor on February 8, 2019 Session Law Chapter 9 Effective: Retroactive to 01/01/2019
2/8/2019