By William W. Nelson
Smith Anderson Law Firm
On April 11, 2018, the General Assembly’s Revenue Laws Study Committee released a draft tax bill for possible introduction in the legislative session that convenes May 16. This Alert provides a summary of the more important provisions of the draft bill. A Fiscal Analysis Memorandum accompanying the draft bill estimates that the changes proposed would increase General Fund revenue by $312 million over four years. The draft bill’s provisions, if enacted, would generally be effective upon enactment or for tax years beginning in or after 2018.
Provisions covered in this Alert:
- Internal Revenue Code Conformity
- Franchise Tax Changes
- Calculation of the Sales Factor
- Captive Insurance Company Tax Changes
- Former Historic Rehabilitation Tax Credit
- Sales and Use Tax Changes
- Procedural and Administrative Changes
Read the full alert on the Smith Anderson website.