HB 552
Bill Summary
The 2017 federal Tax Cuts and Jobs Act limits a corporate income taxpayer's business interest expense deduction to the amount of its business interest income plus 30 percent of its adjusted taxable income
Retroactive to January 1, 2019, this bill would allow a corporate income taxpayer who is part of a controlled group that includes an insurance company to include in its computation of any limitation on its deduction for business interest expense the business interest income of its controlled group members
Relating to corporate income tax; to allow a corporate income taxpayer who is part of a controlled group that includes an insurance company to factor the business interest income of all members of the controlled group into its computation of any limitation on its deduction for business interest expenses; and to provide for retroactive application.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 2, 2019 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means Education |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB 552 - Introduced |