Joel Anderson
- Republican
Author
The Personal Income Tax Law and the Corporation Tax Law, in modified conformity with federal income tax laws, allow 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 2. Noes 2. Page 2598.)
Set for hearing January 15.
Set, second hearing. Failed passage in committee. (Ayes 2. Noes 4. Page 2574.) Reconsideration granted.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on GOV. & F.
Set for hearing January 8.
Set, first hearing. Hearing canceled at the request of author.
Set for hearing May 8.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
Read first time.
From printer. May be acted upon on or after March 25.
Introduced. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB797 | HTML |
| 02/22/13 - Introduced | |
| 04/01/13 - Amended Senate | |
| 01/06/14 - Amended Senate |
| Document | Format |
|---|---|
| No related documents. |
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