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2023 Session

Budget Amendments - SB800 (Member Request)

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Chief Patron: Suetterlein
Qualified Business Income Deduction and Corporate Income Tax (SB 1423) (language only)

Item 0 #2s

Item 0 #2s

Revenues
Revenues

Explanation

(This amendment supports Senate Bill 1423, a bill providing a state income tax deduction of 50 percent of the amount of qualified business income deductible for federal income tax purposes and reducing the corporate income tax rate from six to five percent beginning in taxable year 2023. The introduced budget assumes the revenue reductions for Senate Bill 1423; therefore, a revenue reduction is not necessary for Senate Bill 1423, as introduced.)