2005 House Bill 5098 ↩

Senate Roll Call 514: Passed

To make various revsions to provisions of the Single Business Tax. Specifically, to add to "business income" in the SBT calculation formula the amount of the federal domestic production activities deduction; treat members of a limited liability company (LLC) like officers, shareholders, partners, and individuals for purposes of the small business credit; include all members of a group of companies with common ownership in determining whether a controlled group is small enough to take the small business credit; eliminate the SBT apprenticeship credit (except for construction industry apprentices); prevent firms with an unused SBT loss or credit obtained while filing separately from using up that loss or credit faster by filing a joint return with an affiliate in a later year; and specify that underpayment due to some of the changes proposed in the bill with respect to the small business credit would not subject the taxpayer to penalties. The bill is part of a tax revision package that trades off tax cuts with certain increased tax levies and other measures to create a net business tax cut. See Senate Bill 633.