[1] NOTE:  As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

 

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F I S C A L   I M P A C T   R E P O R T

 

 

 

SPONSOR:

Crook

 

DATE TYPED:

02/05/02

HB

424

 

SHORT TITLE:

Estimated Tax Payments

 

SB

 

 

 

ANALYST:

Neel

 

 

REVENUE

 

Estimated Revenue

Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

 

 

 

 

$0.1  Undetermined

Undetermined

Recurring

General Fund

 

(Parenthesis ( ) Indicate Revenue Decreases)

 

SOURCES OF INFORMATION

 

LFC files

 

No Response

Taxation and Revenue Department (TRD)

 

SUMMARY

 

     Synopsis of Bill

 

House Bill 424 amends statute to require estimated corporate tax payments for taxpayers whose tax after credits has been $5.0 or more in any of the previous three taxable years.  Previously statute required estimated corporate tax payments if the tax was “reasonably expected to be $5.0 or greater.”  HB 424 also eliminates language referring to the $5.0 threshold to the various methodologies to calculated estimated taxes.  

    

FISCAL IMPLICATIONS

 

Undetermined

 

SN/ar

 [1]Begin typing on the * in replace mode.  Do not add or delete spaces.