Relating to an entity-level taxation election for pass-through entities and allowing a partner or shareholder to claim a credit against the individual and corporate income taxes and the franchise tax, and including effective date and retroactive applicability provisions

Where it is now

1. ✓
   Done: IntroducedFebruary 20, 2023
2. –
   Skipped: SubcommitteeSkipped
3. ✓
   Done: House committeeApril 13, 2023
4. ✓
   Done: Passes the HouseApril 13, 202399–0
5. ✓
   Done: Senate committeeApril 25, 2023
6. ✓
   Done: Passes the SenateApril 26, 202346–3
7. ✓
   Done: To the GovernorMay 9, 2023
8. ✓
   Done: Signed into lawMay 11, 2023

Signed into law What’s a funnel?

Senate subcommittee

Named April 20, 2023. On April 24, 2023 it recommended passage. [].

• Sen. Jason Schultz REmail
• Sen. Herman C. Quirmbach DEmail
• Sen. Brad Zaun R

Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part

Fiscal note

The creation of the new PTE tax will result in decreased PTE income passed through to PTE owners, thereby lowering State taxable income and State individual income tax. The revenue generated by the PTE tax will increase State tax revenue, while the new PTE tax credit will return the PTE tax paid at the entity level to the PTE owners.

• Final Fiscal Note — Pass-Through Business Entity Tax and Deduction · May 16, 2023
• Pass-Through Business Entity Tax and Deduction · April 17, 2023
• Pass-Through Business Entity Tax and Deduction · March 15, 2023

Nonpartisan cost estimates from the Legislative Services Agency’s Fiscal Services Division. The newest is first. Reading a fiscal note