| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | ||
| 3 | 3 | EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXIS TING LAW. | |
| 4 | 4 | [Brackets] indicate matter deleted from existing law. | |
| 5 | - | Underlining indicates amendments to bill. | |
| 6 | - | Strike out indicates matter stricken from the bill by amendment or deleted from the law by | |
| 7 | - | amendment. | |
| 8 | 5 | *hb0039* | |
| 9 | 6 | ||
| 10 | 7 | HOUSE BILL 39 | |
| 11 | 8 | Q3 3lr0748 | |
| 12 | 9 | HB 330/21 – W&M (PRE–FILED) | |
| 13 | 10 | By: Delegate Charkoudian | |
| 14 | 11 | Requested: November 14, 2022 | |
| 15 | 12 | Introduced and read first time: January 11, 2023 | |
| 16 | 13 | Assigned to: Ways and Means | |
| 17 | - | Committee Report: Favorable with amendments | |
| 18 | - | House action: Adopted | |
| 19 | - | Read second time: March 2, 2023 | |
| 20 | 14 | ||
| 21 | - | ||
| 15 | + | A BILL ENTITLED | |
| 22 | 16 | ||
| 23 | 17 | AN ACT concerning 1 | |
| 24 | 18 | ||
| 25 | 19 | Effective Corporate Tax Rate Transparency Act of 2023 2 | |
| 26 | - | Corporate Income Tax Returns of Publicly Traded Corporations – Reporting 3 | |
| 27 | - | Requirement 4 | |
| 28 | 20 | ||
| 29 | - | FOR the purpose of requiring certain corporations to attach to their Maryland income tax 5 | |
| 30 | - | return a certain statement that includes certain information relating to the 6 | |
| 31 | - | corporations’ effective tax rate; requiring that the statement be made under oath and 7 | |
| 32 | - | signed in a certain manner, subject to audit by the Comptroller, and treated as 8 | |
| 33 | - | confidential taxpayer information requiring the Comptroller to submit a certain 9 | |
| 34 | - | report to the Governor and the General Assembly on or before a certain date each 10 | |
| 35 | - | year relating to certain publicly traded corporations that pay no State income taxes 11 | |
| 36 | - | for a certain taxable year; and generally relating to corporate income tax returns. 12 | |
| 21 | + | FOR the purpose of requiring certain corporations to attach to their Maryland income tax 3 | |
| 22 | + | return a certain statement that includes certain information relating to the 4 | |
| 23 | + | corporations’ effective tax rate; requiring that the statement be made under oath and 5 | |
| 24 | + | signed in a certain manner, subject to audit by the Comptroller, and treated as 6 | |
| 25 | + | confidential taxpayer information; and generally relating to corporate income tax 7 | |
| 26 | + | returns. 8 | |
| 37 | 27 | ||
| 38 | - | BY repealing and reenacting, with amendments, | |
| 39 | - | Article – Tax – General | |
| 40 | - | Section 10–804(e) | |
| 41 | - | Annotated Code of Maryland | |
| 42 | - | (2022 Replacement Volume) | |
| 28 | + | BY repealing and reenacting, with amendments, 9 | |
| 29 | + | Article – Tax – General 10 | |
| 30 | + | Section 10–804(e) 11 | |
| 31 | + | Annotated Code of Maryland 12 | |
| 32 | + | (2022 Replacement Volume) 13 | |
| 43 | 33 | ||
| 44 | - | BY adding to 18 | |
| 45 | - | Article – Tax – General 19 | |
| 46 | - | Section 10–804.2 20 | |
| 47 | - | Annotated Code of Maryland 21 | |
| 48 | - | (2022 Replacement Volume) 22 2 HOUSE BILL 39 | |
| 34 | + | BY adding to 14 | |
| 35 | + | Article – Tax – General 15 | |
| 36 | + | Section 10–804.2 16 | |
| 37 | + | Annotated Code of Maryland 17 | |
| 38 | + | (2022 Replacement Volume) 18 | |
| 39 | + | ||
| 40 | + | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 19 | |
| 41 | + | That the Laws of Maryland read as follows: 20 | |
| 42 | + | ||
| 43 | + | Article – Tax – General 21 | |
| 44 | + | ||
| 45 | + | 10–804. 22 | |
| 46 | + | ||
| 47 | + | (e) Each person required under this subtitle to file an income tax return or 23 | |
| 48 | + | estimated income tax declaration or return shall: 24 2 HOUSE BILL 39 | |
| 49 | 49 | ||
| 50 | 50 | ||
| 51 | 51 | ||
| 52 | - | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 1 | |
| 53 | - | That the Laws of Maryland read as follows: 2 | |
| 52 | + | (1) comply with the regulations of the Comptroller; 1 | |
| 54 | 53 | ||
| 55 | - | ||
| 54 | + | (2) keep the records that the Comptroller requires; and 2 | |
| 56 | 55 | ||
| 57 | - | 10–804. 4 | |
| 56 | + | (3) attach to an income tax return or otherwise file with the Comptroller 3 | |
| 57 | + | any records or statements that the Comptroller requires, including: 4 | |
| 58 | 58 | ||
| 59 | - | (e) Each person required under this subtitle to file an income tax return or 5 | |
| 60 | - | estimated income tax declaration or return shall: 6 | |
| 59 | + | (i) for an individual who has income tax withheld from salary, 5 | |
| 60 | + | wages, or other compensation for personal services, or other payments, a copy of the 6 | |
| 61 | + | statement from the person who withholds the tax that states: 7 | |
| 61 | 62 | ||
| 62 | - | (1) comply with the regulations of the Comptroller; 7 | |
| 63 | + | 1. the amount of salary, wages, or other compensation for 8 | |
| 64 | + | personal services paid and the income tax withheld; or 9 | |
| 63 | 65 | ||
| 64 | - | (2) keep the records that the Comptroller requires; and 8 | |
| 66 | + | 2. the amount of payments made and the income tax 10 | |
| 67 | + | withheld; 11 | |
| 65 | 68 | ||
| 66 | - | (3) attach to an income tax return or otherwise file with the Comptroller 9 | |
| 67 | - | any records or statements that the Comptroller requires, including: 10 | |
| 69 | + | (ii) a copy of the federal income tax return: 12 | |
| 68 | 70 | ||
| 69 | - | (i) for an individual who has income tax withheld from salary, 11 | |
| 70 | - | wages, or other compensation for personal services, or other payments, a copy of the 12 | |
| 71 | - | statement from the person who withholds the tax that states: 13 | |
| 71 | + | 1. for a corporation; and 13 | |
| 72 | 72 | ||
| 73 | - | 1. the amount of salary, wages, or other compensation for 14 | |
| 74 | - | personal services paid and the income tax withheld; or 15 | |
| 73 | + | 2. if the Comptroller requests, for an individual; 14 | |
| 75 | 74 | ||
| 76 | - | | |
| 77 | - | ||
| 75 | + | (iii) for a corporation, the statements required under § 10–804.1 of 15 | |
| 76 | + | this subtitle; [and] 16 | |
| 78 | 77 | ||
| 79 | - | (ii) a copy of the federal income tax return: 18 | |
| 78 | + | (IV) FOR A PUBLICLY TRADE D CORPORATION AND IT S 17 | |
| 79 | + | SUBSIDIARIES, THE STATEMENT REQUIRED UNDER § 10–804.2 OF THIS SUBTITLE ; 18 | |
| 80 | + | AND 19 | |
| 80 | 81 | ||
| 81 | - | 1. for a corporation; and 19 | |
| 82 | + | [(iv)] (V) if the Comptroller requests, for a corporation that is a 20 | |
| 83 | + | member of an affiliated group or controlled group under § 1504 or § 1563 of the Internal 21 | |
| 84 | + | Revenue Code, a statement of all intermember costs or expenses and all intermember sales, 22 | |
| 85 | + | exchanges, or other transactions involving tangible or intangible property for the taxable 23 | |
| 86 | + | year. 24 | |
| 82 | 87 | ||
| 83 | - | ||
| 88 | + | 10–804.2. 25 | |
| 84 | 89 | ||
| 85 | - | ( | |
| 86 | - | ||
| 90 | + | (A) (1) IN THIS SECTION THE F OLLOWING WORDS HAVE THE MEANINGS 26 | |
| 91 | + | INDICATED. 27 | |
| 87 | 92 | ||
| 88 | - | (IV) FOR A PUBLICLY TRADE D CORPORATION AND IT S 23 | |
| 89 | - | SUBSIDIARIES, THE STATEMENT REQUIR ED UNDER § 10–804.2 OF THIS SUBTITLE ; 24 | |
| 90 | - | AND 25 | |
| 93 | + | (2) “EFFECTIVE TAX RATE ” MEANS A PERCENTAGE THA T EQUALS THE 28 | |
| 94 | + | QUOTIENT OF: 29 | |
| 91 | 95 | ||
| 92 | - | [(iv)] (V) if the Comptroller requests, for a corporation that is a 26 | |
| 93 | - | member of an affiliated group or controlled group under § 1504 or § 1563 of the Internal 27 | |
| 94 | - | Revenue Code, a statement of all intermember costs or expenses and all intermember sales, 28 | |
| 95 | - | exchanges, or other transactions involving tangible or intangible property for the taxable 29 | |
| 96 | - | year. 30 | |
| 97 | - | HOUSE BILL 39 3 | |
| 96 | + | (I) THE STATE INCOME TAX LIAB ILITY OF A PUBLICLY TRADED 30 HOUSE BILL 39 3 | |
| 98 | 97 | ||
| 99 | 98 | ||
| 100 | - | ||
| 99 | + | CORPORATION ; AND 1 | |
| 101 | 100 | ||
| 102 | - | (A) (1) IN THIS SECTION THE F OLLOWING WORDS HAVE THE MEANINGS 2 | |
| 103 | - | INDICATED. 3 | |
| 101 | + | (II) THE BOOK INCOME OF T HE CORPORATION : 2 | |
| 104 | 102 | ||
| 105 | - | | |
| 106 | - | ||
| 103 | + | 1. DETERMINED IN ACCORD ANCE WITH GENERALLY 3 | |
| 104 | + | ACCEPTED ACCOUNTING PRINCIPLES; AND 4 | |
| 107 | 105 | ||
| 108 | - | | |
| 109 | - | ||
| 106 | + | 2. AS ALLOCATED TO THE STATE USING A 5 | |
| 107 | + | THREE–FACTOR APPORTIONMENT FRACTION: 6 | |
| 110 | 108 | ||
| 111 | - | (II) THE BOOK INCOME OF T HE CORPORATION : 8 | |
| 109 | + | A. THE NUMERATOR OF WHI CH IS THE SUM OF THE 7 | |
| 110 | + | PROPERTY FACTOR , THE PAYROLL FACTOR , AND THE RECEIPTS FAC TOR, 8 | |
| 111 | + | CALCULATED IN ACCORD ANCE WITH THE MODEL MULTISTATE TAX COMPACT WITH 9 | |
| 112 | + | RECOMMENDED AMENDMENTS TO ARTICLE IV, AS PROMULGATED BY TH E 10 | |
| 113 | + | MULTISTATE TAX COMMISSION; AND 11 | |
| 112 | 114 | ||
| 113 | - | 1. DETERMINED IN ACCORD ANCE WITH GENERALLY 9 | |
| 114 | - | ACCEPTED ACCOUNTING PRINCIPLES; AND 10 | |
| 115 | + | B. THE DENOMINATOR OF W HICH IS 3. 12 | |
| 115 | 116 | ||
| 116 | - | | |
| 117 | - | ||
| 117 | + | (3) “PUBLICLY TRADED CORPO RATION” INCLUDES ANY SUBSIDI ARY 13 | |
| 118 | + | OF THE CORPORATION . 14 | |
| 118 | 119 | ||
| 119 | - | A. THE NUMERATOR OF WHI CH IS THE SUM OF THE 13 | |
| 120 | - | PROPERTY FACTOR , THE PAYROLL FACTOR , AND THE RECEIPTS FAC TOR, 14 | |
| 121 | - | CALCULATED IN ACCORD ANCE WITH THE MODEL MULTISTATE TAX COMPACT WITH 15 | |
| 122 | - | RECOMMENDED AMENDMENTS TO ARTICLE IV, AS PROMULGATED BY TH E 16 | |
| 123 | - | MULTISTATE TAX COMMISSION; AND 17 | |
| 120 | + | (B) A PUBLICLY TRADED CORP ORATION THAT IS RE QUIRED TO FILE AN 15 | |
| 121 | + | INCOME TAX RETURN UN DER THIS TITLE SHALL ATTACH TO THE INCOME TAX 16 | |
| 122 | + | RETURN A STATEMENT T HAT: 17 | |
| 124 | 123 | ||
| 125 | - | | |
| 124 | + | (1) IDENTIFIES THE CORPORATION ’S EFFECTIVE TAX RATE ; 18 | |
| 126 | 125 | ||
| 127 | - | (3) “PUBLICLY TRADED CORPO RATION” INCLUDES ANY SUBSIDI ARY 19 | |
| 128 | - | OF THE CORPORATION . 20 | |
| 126 | + | (2) PROVIDES AN ITEMIZED EXPLANATION OF HOW T HE 19 | |
| 127 | + | CORPORATION ’S EFFECTIVE TAX RATE WAS CALCULATED , INCLUDING THE VALUE 20 | |
| 128 | + | OF ANY CREDITS , DEDUCTIONS , SUBTRACTION MODIFICA TIONS, NET OPERATING 21 | |
| 129 | + | LOSSES CARRIED FORWA RD OR BACKWARD , OR OTHER ADJUSTMENTS APPLIED TO 22 | |
| 130 | + | DETERMINE THE STATE INCOME TAX LIAB ILITY OF THE CORPORA TION; AND 23 | |
| 129 | 131 | ||
| 130 | - | ( | |
| 131 | - | ||
| 132 | - | ||
| 132 | + | (3) INCLUDES A COMP ARISON OF THE EFFECT IVE TAX RATE OF THE 24 | |
| 133 | + | CORPORATION BOTH BEF ORE AND AFTER THE AP PLICATION OF ANY CRE DITS, 25 | |
| 134 | + | DEDUCTIONS , SUBTRACTION MODIFICA TIONS, OR OTHER ADJUSTMENTS . 26 | |
| 133 | 135 | ||
| 134 | - | ( | |
| 136 | + | (C) THE STATEMENT REQUIRE D UNDER SUBSECTION (B) OF THIS SECTION: 27 | |
| 135 | 137 | ||
| 136 | - | (2) PROVIDES AN ITEMIZED EXPLANATION OF HOW T HE 25 | |
| 137 | - | CORPORATION ’S EFFECTIVE TAX RATE WAS CALCULATED , INCLUDING THE VALUE 26 | |
| 138 | - | OF ANY CREDITS , DEDUCTIONS , SUBTRACTION MODIFICATIONS , NET OPERATING 27 | |
| 139 | - | LOSSES CARRIED FORWA RD OR BACKWARD , OR OTHER ADJUSTMENTS APPLIED TO 28 | |
| 140 | - | DETERMINE THE STATE INCOME TAX LIAB ILITY OF THE CORPORA TION; AND 29 | |
| 141 | - | 4 HOUSE BILL 39 | |
| 138 | + | (1) SHALL BE: 28 | |
| 142 | 139 | ||
| 143 | - | ||
| 144 | - | (3) INCLUDES A COMPARISO N OF THE EFFECTIVE T AX RATE OF THE 1 | |
| 145 | - | CORPORATION BOTH BEF ORE AND AFTER THE APPLICATIO N OF ANY CREDITS , 2 | |
| 146 | - | DEDUCTIONS , SUBTRACTION MODIFICA TIONS, OR OTHER ADJUSTMENTS . 3 | |
| 147 | - | ||
| 148 | - | (C) THE STATEMENT REQUIRE D UNDER SUBSECTION (B) OF THIS SECTION: 4 | |
| 149 | - | ||
| 150 | - | (1) SHALL BE: 5 | |
| 151 | - | ||
| 152 | - | (I) MADE UNDER OATH AND SIGNED IN THE SAME M ANNER AS 6 | |
| 153 | - | REQUIRED FOR INC OME TAX RETURNS UNDE R § 10–804 OF THIS SUBTITLE; AND 7 | |
| 154 | - | ||
| 155 | - | (II) SUBJECT TO AUDIT BY THE COMPTROLLER IN THE CO URSE 8 | |
| 156 | - | OF AND UNDER THE NOR MAL PROCEDURES APPLI CABLE TO CORPORATE I NCOME 9 | |
| 157 | - | TAX RETURN AUDITS ; AND 10 | |
| 158 | - | ||
| 159 | - | (2) NOTWITHSTANDING ANY OTHER PROVISION OF L AW, SHALL BE 11 | |
| 160 | - | TREATED AS CONFIDENT IAL TAXPAYER INFORMA TION SUBJECT TO TITLE 13, 12 | |
| 161 | - | SUBTITLE 2 OF THIS ARTICLE. 13 | |
| 162 | - | ||
| 163 | - | (D) (1) THE COMPTROLLER SHALL : 14 | |
| 164 | - | ||
| 165 | - | (I) COLLECT AND COMPILE THE INFORMATION SUBM ITTED 15 | |
| 166 | - | UNDER THIS SECTION ; AND 16 | |
| 167 | - | ||
| 168 | - | (II) ON OR BEFORE MARCH 1 EACH YEAR, SUBMIT A REPORT TO 17 | |
| 169 | - | THE GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT 18 | |
| 170 | - | ARTICLE, THE GENERAL ASSEMBLY THAT IDENTIF IES THE AVERAGE EFFE CTIVE 19 | |
| 171 | - | TAX RATE FOR ALL PUB LICLY TRADED CORPORA TIONS REQUIRED TO FI LE THE 20 | |
| 172 | - | STATEMENT UNDER SUBS ECTION (B) OF THIS SECTION. 21 | |
| 173 | - | ||
| 174 | - | (2) THE REPORT REQUIRED U NDER PARAGRAPH (1)(II) OF THIS 22 | |
| 175 | - | SUBSECTION SHALL INC LUDE: 23 | |
| 176 | - | ||
| 177 | - | (I) THE AVERAGE EFFECTIV E TAX RATE OF PUBLIC LY TRADED 24 | |
| 178 | - | CORPORATIONS , SORTED BY: 25 | |
| 179 | - | ||
| 180 | - | 1. TYPES OF BUSINESS , ITEMIZED BY THE NORTH 26 | |
| 181 | - | AMERICAN INDUSTRIAL CLASSIFICATION SYSTEM CODE REPORTED ON EACH 27 | |
| 182 | - | CORPORATION ’S INCOME TAX RETURN UNDER THIS TITLE ; 28 | |
| 183 | - | ||
| 184 | - | 2. EFFECTIVE TAX RATE ; AND 29 | |
| 185 | - | ||
| 186 | - | 3. VARIOUS MEASURES OF SIZE, SUCH AS INCOME , 30 | |
| 187 | - | PAYROLL, AND GROSS RECEIPTS ; AND 31 HOUSE BILL 39 5 | |
| 140 | + | (I) MADE UNDER OATH AND SIGNED IN THE SAME M ANNER AS 29 | |
| 141 | + | REQUIRED FOR INCOME TAX RETURNS UNDER § 10–804 OF THIS SUBTITLE; AND 30 4 HOUSE BILL 39 | |
| 188 | 142 | ||
| 189 | 143 | ||
| 190 | 144 | ||
| 191 | - | (II) AN ANALYSIS IDENTIFY ING AND COMPARING POTENTIAL 1 | |
| 192 | - | CAUSES FOR REDUCED E FFECTIVE TAX RATES , WHICH MAY INCLUDE FE DERAL OR 2 | |
| 193 | - | STATE TAX LOOPHOLES , TREATMENT OF OPERATI NG LOSSES, CREDITS AND 3 | |
| 194 | - | DEDUCTIONS , OR THE APPORTIONMENT FORMULA. 4 | |
| 145 | + | (II) SUBJECT TO AUDIT BY THE COMPTROLLER IN THE CO URSE 1 | |
| 146 | + | OF AND UNDER THE NOR MAL PROCEDURES APPLI CABLE TO CORPORATE I NCOME 2 | |
| 147 | + | TAX RETURN AUDITS; AND 3 | |
| 195 | 148 | ||
| 196 | - | 10–821. 5 | |
| 149 | + | (2) NOTWITHSTANDING ANY OTHER PROVISION OF L AW, SHALL BE 4 | |
| 150 | + | TREATED AS CONFIDENT IAL TAXPAYER INFORMA TION SUBJECT TO TITLE 13, 5 | |
| 151 | + | SUBTITLE 2 OF THIS ARTICLE. 6 | |
| 197 | 152 | ||
| 198 | - | (a) (1) A corporation required under Part II of this subtitle to file a return for 6 | |
| 199 | - | a taxable year shall complete and file with the Comptroller an income tax return: 7 | |
| 153 | + | (D) (1) THE COMPTROLLER SHALL : 7 | |
| 200 | 154 | ||
| 201 | - | (i) on or before the April 15 that follows that taxable year; or 8 | |
| 155 | + | (I) COLLECT AND COMPILE THE INFORMATION SUBM ITTED 8 | |
| 156 | + | UNDER THIS SECTION ; AND 9 | |
| 202 | 157 | ||
| 203 | - | (ii) if income tax is computed for a fiscal year, on or before the 15th 9 | |
| 204 | - | day of the 4th month after the end of that year. 10 | |
| 158 | + | (II) ON OR BEFORE MARCH 1 EACH YEAR, SUBMIT A REPORT TO 10 | |
| 159 | + | THE GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT 11 | |
| 160 | + | ARTICLE, THE GENERAL ASSEMBLY THAT IDENTIF IES THE AVERAGE EFFE CTIVE 12 | |
| 161 | + | TAX RATE FOR ALL PUB LICLY TRADED C ORPORATIONS REQUIRED TO FILE THE 13 | |
| 162 | + | STATEMENT UNDER SUBS ECTION (B) OF THIS SECTION. 14 | |
| 205 | 163 | ||
| 206 | - | (2) Within 60 days after a corporation loses or surrenders its charter in the 11 | |
| 207 | - | State, is dissolved or liquidated, or voluntarily or involuntarily withdraws from the State, 12 | |
| 208 | - | the corporation shall complete and file with the Comptroller an income tax return. 13 | |
| 164 | + | (2) THE REPORT REQUIRED U NDER PARAGRAPH (1)(II) OF THIS 15 | |
| 165 | + | SUBSECTION SHALL INC LUDE: 16 | |
| 209 | 166 | ||
| 210 | - | (b) A corporation required under § 10–816 of this subtitle to file a declaration of 14 | |
| 211 | - | estimated income tax for a taxable year shall complete and file with the Comptroller a 15 | |
| 212 | - | quarterly estimated tax return on or before the 15th day of the 4th, 6th, 9th, and 12th 16 | |
| 213 | - | months of that year. 17 | |
| 167 | + | (I) THE AVERAGE EFFECTIV E TAX RATE OF PUBLIC LY TRADED 17 | |
| 168 | + | CORPORATIONS , SORTED BY: 18 | |
| 214 | 169 | ||
| 215 | - | (C) (1) IN THIS SUBSECTION , “PUBLICLY TRADED CORP ORATION” 18 | |
| 216 | - | INCLUDES ANY SUBSIDI ARY OF THE CORPORATI ON. 19 | |
| 170 | + | 1. TYPES OF BUSINESS , ITEMIZED BY THE NORTH 19 | |
| 171 | + | AMERICAN INDUSTRIAL CLASSIFICATION SYSTEM CODE REPORTED ON EACH 20 | |
| 172 | + | CORPORATION ’S INCOME TAX RETURN UNDER THIS TITLE ; 21 | |
| 217 | 173 | ||
| 218 | - | (2) ON OR BEFORE DECEMBER 31, 2023, AND EACH DECEMBER 31 20 | |
| 219 | - | THEREAFTER , THE COMPTROLLER SHALL SUB MIT A REPORT TO THE GOVERNOR 21 | |
| 220 | - | AND, IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT ARTICLE, THE 22 | |
| 221 | - | GENERAL ASSEMBLY THAT IDENTIF IES FOR THE IMMEDIAT ELY PRECEDING 23 | |
| 222 | - | TAXABLE YEAR : 24 | |
| 174 | + | 2. EFFECTIVE TAX RATE ; AND 22 | |
| 223 | 175 | ||
| 224 | - | (I) THE NUMBER OF PUBLIC LY TRADED CORPORATIO NS 25 | |
| 225 | - | CONDUCTI NG A TRADE OR BUSINE SS IN ANOTHER STATE THAT ARE REQUIRED TO 26 | |
| 226 | - | FILE AN INCOME TAX R ETURN UNDER THIS SUB TITLE; AND 27 | |
| 176 | + | 3. VARIOUS MEASURES OF SIZE, SUCH AS INCOME , 23 | |
| 177 | + | PAYROLL, AND GROSS RECEIPTS; AND 24 | |
| 227 | 178 | ||
| 228 | - | (II) THE NUMBER OF PUBLIC LY TRADED CORPORATIO NS 28 | |
| 229 | - | IDENTIFIED UNDER ITE M (I) OF THIS PARAGRAPH TH AT PAID NO AMOUNT OF STATE 29 | |
| 230 | - | INCOME TAX. 30 | |
| 179 | + | (II) AN ANALYSIS IDENTIFY ING AND COMPARING PO TENTIAL 25 | |
| 180 | + | CAUSES FOR REDUCED E FFECTIVE TAX RATES , WHICH MAY INCLUDE FE DERAL OR 26 | |
| 181 | + | STATE TAX LOOPHOLES , TREATMENT OF OPERATI NG LOSSES, CREDITS AND 27 | |
| 182 | + | DEDUCTIONS , OR THE APPORTIONMENT FORMULA. 28 | |
| 231 | 183 | ||
| 232 | - | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 31 | |
| 233 | - | 1, 2023, and shall be applicable to all taxable years beginning after December 31, 2022. 32 | |
| 234 | - | ||
| 184 | + | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 29 | |
| 185 | + | 1, 2023, and shall be applicable to all taxable years beginning after December 31, 2022. 30 | |
| 235 | 186 |