2012 Regular Session


File Code: Taxes - Income Prior Year Introduction As: SB 979/11 - B&T
Sponsored By:
Senators Jones-Rodwell and Montgomery
Taxation of Corporations - Alternative Minimum Assessment


Imposing an alternative minimum assessment on corporations doing business in the State; providing for the computation of the alternative minimum assessment as a percentage of a corporation's gross receipts or gross profits, based on an election made by the corporation; limiting the assessment to $5,000,000 for any corporation and to $20,000,000 for affiliated groups of corporations; providing for credits against the corporate income tax under specified circumstances; applying the Act to tax years after 2011; etc.

History by Legislative and Calendar Date

Legislative date is used to record history occurring in the Chambers otherwise Calendar date is used. For explanation of terms click here.
Senate Action
First Reading Budget and Taxation
Hearing 2/15 at 1:00 p.m.
Hearing cancelled
Hearing 2/15 at 1:15 p.m.
Unfavorable Report by Budget and Taxation Withdrawn
House Action
No Action

Sponsored by:

Senator Verna L. Jones-Rodwell, District 44
Senator Karen S. Montgomery, District 14

Bill indexed under the following Subjects:

Corporations -see also- Municipal Corps; Public Corps & Inst
Income Tax
Revenue and Taxes -see also- Dev Fees &Taxes; specific tax
Tax Credits -see also- Circuit Breaker

Bill affects the following Statutes:

Tax - General
( 1-101 , 10-102.2 , 10-731 )


All documents except Roll Call Votes are displayed in PDF format:
Bill Text: First Reading, Third Reading, Enrolled
Fiscal and Policy Note: Available
Amendments: None offered