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HB759    Pdf File  
Measure Title: RELATING TO TAX HAVEN ABUSE.
Report Title: Taxation; Corporations; Combined Reporting; State-by-state Reporting; Department of Taxation; Corporate Tax Law Task Force
Description: Part I: Effective 1/1/2026, requires corporations to include in their income the income of all foreign subsidiaries to the State; applies the State's apportionment formula to determine the share of reported profits subject to the appropriate tax, which shall be deposited into the state general fund; and requires corporations to report all profits, losses, revenues, and inter-company transactions made and all taxes paid in other states. Part II: Establishes within DOTAX a Corporate Tax Law Task Force to annually review the State's corporate tax laws and recommend updates to close tax loopholes.
Companion:
Package: None
Current Referral: ECD, CPC, FIN
Introducer(s): PERRUSO, BELATTI, GRANDINETTI, IWAMOTO, MARTEN, TODD
Act:

Sort by Date Status Text
1/21/2025HReferred to ECD, CPC, FIN, referral sheet 2
1/21/2025HIntroduced and Pass First Reading.
1/17/2025HPending introduction.

S = Senate | H = House | D = Data Systems | $ = Appropriation measure | ConAm = Constitutional Amendment

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HB759
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