MS SB2065

Excludes deferred gains and deferred income from the computation of capital, paid-in capital, surplus, and retained earnings for corporation franchise tax purposes.

Allows capital to be reduced by the total cost of treasury stock purchased by the corporation, regardless of whether the stock was purchased with earnings.

Maintains existing exclusions from capital computations, including debts, notes, bonds, mortgages, depreciation reserves, and bad debt reserves.

Effective July 1, 2014.