Senate Bill No. 2236 Summary

• Reduces corporate income tax rates effective for taxable years beginning after December 31, 2012: 1.68% on first $25,000 of income, 4.23% on income between $25,000-$50,000, and 5.15% on income exceeding $50,000 (previously 4.67% flat rate).

• Eliminates provisions allowing adjustments for income taxes paid and interest/dividends from foreign securities and state obligations while renumbering remaining deductions and adjustments.

• Updates multiple employment and investment tax credits to reference new corporate tax rate section 57-38-30.3, including internship employment credit, workforce recruitment credit, angel fund credit, microbusiness credit, and research and development credits.

• Extends housing incentive fund tax credit from two to four taxable years and adjusts various credit calculation limitations and carryforward periods.

• Modifies definitions of "taxpayer" in investment credit sections to exclude real estate investment trusts and clarifies passthrough entity treatment for credit purposes across multiple sections.