House Committee on Ways and Means
June 8, 2016
10:00 a.m.
Room 6
Adjourned
BLUE
= already considered.
RED
= currently being considered.
BLACK
= not yet considered.
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CALL TO ORDER
ROLL CALL
DISCUSSION OF LEGISLATION
HB5
LEGER
TAX/CORP INCOME
- Provides with respect to the applicability and effectiveness of Act Nos. 30 and 31 of the 2016 First Extraordinary Session of the Legislature which eliminated the deductibility of federal income taxes paid for purposes of computing corporate income taxes (Items #39 & 40) (EG SEE FISC NOTE GF RV See Note)
HB6
LEGER
TAX/INCOME TAX
- Provides with respect to the applicability and effectiveness of Act No. 8 from the 2016 First Extraordinary Session of the Legislature which established a flat rate for purposes of calculating corporation income tax liability (Item #38) (EG +$3,300,000 GF RV See Note)
HB7
STOKES
TAX/INCOME TAX
- (Constitutional Amendment) Eliminates the income tax deduction for federal income taxes paid for purposes of computing individual income taxes and the references to the maximum amount of individual income tax rates and brackets (Items #39 & 43) (EG SEE FISC NOTE GF RV See Note)
HB11
SHADOIN
TAX/INCOME TAX
- Reduces the amount of the individual income tax deduction for excess federal itemized personal deductions (Item #42) (OR +$116,700,000 GF RV See Note)
HB17
STOKES
TAX/INCOME TAX
- Changes the rates and brackets for purposes of calculating individual income tax liability and eliminates certain deductions (Items #40 and 43) (EG +$25,000,000 GF RV See Note)
HB19
MONTOUCET
TAX CREDITS
- Reduces the amount of certain ad valorem tax credits and provides for the carry forward rather than the refund of a certain portion of excess credit amounts (Item #36) (OR +$48,000,000 GF RV See Note)
HB20
REYNOLDS
TAX/CORP INCOME
- Provides relative to the apportionment ratio for purposes of computing corporate income tax and provides for the sourcing of sales (Item #44) (EN INCREASE GF RV See Note)
HB21
REYNOLDS
TAX/INCOME TAX
- Reduces the rates for purposes of calculating the tax on the taxable income of individuals (Item #43) (OR -$148,500,000 GF RV See Note)
HB27
BROADWATER
TAX/SALES & USE
- Provides for the non-taxability of sales or use of raw materials purchased for further processing (Item #48) (EN INCREASE GF RV See Note)
HB31
JACKSON-ANDREWS
TAX CREDITS
- Reduces the amount of certain income and corporation franchise tax credits (Item #36) (OR +$4,300,000 GF RV See Note)
HB33
STOKES
TAX/INCOME TAX
- Repeals the state income tax deduction for federal income taxes paid for purposes of calculating individual and corporate income taxes (Item #40) (EG SEE FISC NOTE GF RV See Note)
HB34
JACKSON-ANDREWS
TAX/CORP INCOME
- Reduces the amount of certain corporate income tax exclusions and deductions (Item #37) (OR +$35,600,000 GF RV See Note)
HB40
REYNOLDS
TAX/INCOME TAX
- Changes the middle and upper income tax brackets for purposes of calculating the individual income tax (Item #43) (OR +$388,000,000 GF RV See Note)
HB46
FOIL
TAX CREDITS
- Provides with respect to the tax credit for solar energy systems (Item #36) (OR NO IMPACT GF RV See Note)
HB47
BROADWATER
TAX/CORP INCOME
- Provides with respect to the net operating loss deduction for corporate income tax (Item #37) (EN NO IMPACT GF RV See Note)
HB50
MONTOUCET
TAX/INCOME TAX
- Reduces the individual income tax deduction for net capital gains (Item #41) (EN INCREASE GF RV See Note)
OTHER BUSINESS
ANNOUNCEMENTS
ADJOURNMENT