146th GENERAL ASSEMBLY

 

FISCAL NOTE

 

DESCRIPTION:        AN ACT TO AMEND TITLE 19 BY REPEALING THE CORPORATE INCOME TAX.

 

 

ASSUMPTIONS:


 

1.     Effective for tax year 2013.

 

2.     The act repeals the Corporate Income Tax.

 

3.     Currently the tax rate is 8.7% of taxable income.

 

 

REVENUE LOSS:

 

                        FY 2013                                                                        $75,000,000

 

                        FY 2014                                                                        $150,000,000

 

 

 

 

Office of Controller General                                                        (Amounts are shown in whole dollars)

June 07, 2011

SBK:kea

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