| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | ||
| 3 | - | LCO 7417 \\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-05600-R02- | |
| 4 | - | HB.docx | |
| 5 | - | 1 of 2 | |
| 3 | + | LCO No. 7417 1 of 2 | |
| 6 | 4 | ||
| 7 | 5 | General Assembly Committee Bill No. 5600 | |
| 8 | 6 | January Session, 2019 | |
| 9 | 7 | LCO No. 7417 | |
| 10 | 8 | ||
| 11 | 9 | ||
| 12 | 10 | Referred to Committee on FINANCE, REVENUE AND | |
| 13 | 11 | BONDING | |
| 14 | 12 | ||
| 15 | 13 | ||
| 16 | 14 | Introduced by: | |
| 17 | 15 | (FIN) | |
| 18 | 16 | ||
| 19 | 17 | ||
| 20 | 18 | ||
| 21 | 19 | AN ACT CONCERNING A STUDY OF THE TAX IMPLICATIONS OF | |
| 22 | 20 | ALLOWING BENEFIT LIM ITED LIABILITY COMPANIES UNDER | |
| 23 | 21 | STATE LAW. | |
| 24 | 22 | Be it enacted by the Senate and House of Representatives in General | |
| 25 | 23 | Assembly convened: | |
| 26 | 24 | ||
| 27 | 25 | Section 1. (Effective from passage) (a) The Commissioner of Revenue 1 | |
| 28 | 26 | Services shall study the potential tax implications of allowing 2 | |
| 29 | 27 | companies to organize as benefit limited liability companies under 3 | |
| 30 | 28 | state law. Such study shall evaluate (1) what other states have done 4 | |
| 31 | 29 | with regard to benefit limited liability companies, (2) whether and to 5 | |
| 32 | 30 | what extent such ability to organize may improve the state's tax 6 | |
| 33 | 31 | competitiveness, (3) whether and to what extent such ability to 7 | |
| 34 | 32 | organize may attract benefit corporations in surrounding states to this 8 | |
| 35 | 33 | state, and (4) the projected revenue gains and losses associated with 9 | |
| 36 | 34 | allowing companies to organize as benefit limited liability companies 10 | |
| 37 | 35 | in this state. 11 | |
| 38 | 36 | (b) Not later than February 1, 2020, the commissioner shall submit a 12 | |
| 39 | 37 | report, in accordance with the provisions of section 11-4a of the general 13 | |
| 40 | - | statutes, to the joint standing committees of the General Assembly 14 Committee Bill No. 5600 | |
| 38 | + | statutes, to the joint standing committees of the General Assembly 14 | |
| 39 | + | Committee Bill No. 5600 | |
| 41 | 40 | ||
| 42 | 41 | ||
| 43 | - | LCO 7417 {\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-05600- | |
| 44 | - | R02-HB.docx } | |
| 45 | - | 2 of 2 | |
| 42 | + | LCO No. 7417 2 of 2 | |
| 46 | 43 | ||
| 47 | 44 | having cognizance of matters relating to finance, revenue and bonding 15 | |
| 48 | 45 | and commerce. Such report shall summarize the results of the 16 | |
| 49 | 46 | evaluations conducted pursuant to subsection (a) of this section and 17 | |
| 50 | 47 | include any recommendations by or considerations from the 18 | |
| 51 | 48 | commissioner related to benefit limited liability companies. 19 | |
| 52 | 49 | This act shall take effect as follows and shall amend the following | |
| 53 | 50 | sections: | |
| 54 | 51 | ||
| 55 | 52 | Section 1 from passage New section | |
| 56 | 53 | ||
| 57 | - | FIN Joint Favorable | |
| 54 | + | Statement of Purpose: | |
| 55 | + | To require the Commissioner of Revenue Services to study the | |
| 56 | + | potential tax implications of allowing companies to organize as benefit | |
| 57 | + | limited liability companies under state law and submit a report to the | |
| 58 | + | legislative finance and commerce committees. | |
| 58 | 59 | ||
| 60 | + | [Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, | |
| 61 | + | except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is | |
| 62 | + | not underlined.] | |
| 63 | + | ||
| 64 | + | Co-Sponsors: REP. DAVIS C., 57th Dist. | |
| 65 | + | ||
| 66 | + | H.B. 5600 |