Joel Anderson
- Republican
Author
The Personal Income Tax Law and the Corporation Tax Law, in modified conformity with federal income tax laws, allows a deduction for losses sustained during the taxable year and not compensated for by insurance or otherwise. Those state laws conform to specified revenue rulings and revenue procedures of the Internal Revenue Service regarding treatment of losses due to investment arrangements discovered to be criminally fraudulent, except that, among other things, net operating loss carrybacks and carryforwards are not allowed. This bill would provide a safe harbor for determining the year in which those losses attributable to criminal fraud occurred, as described in a specified revenue procedure of the Internal Revenue Service, and would allow a net operating loss carryover or carryback of any resulting deduction from the losses in conformity with federal income tax law. This bill would make a legislative finding and declaration relating to the public purpose served by the bill. This bill would take effect immediately as a tax levy.
Returned to Secretary of Senate pursuant to Joint Rule 62(a).
Set, second hearing. Failed passage in committee. (Ayes 4. Noes 2. Page 2639.)
Set for hearing January 11.
Set, first hearing. Failed passage in committee. (Ayes 4. Noes 3. Page 1053.) Reconsideration granted.
Set for hearing May 18.
Hearing postponed by committee.
Set for hearing May 11.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
From printer. May be acted upon on or after March 5.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB157 | HTML |
| 02/02/11 - Introduced | |
| 03/21/11 - Amended Senate |
| Document | Format |
|---|---|
| No related documents. |
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