HB 1813 -- Income Tax:  Federal Income Tax Deduction for
Corporations

Sponsor:  Akin

This bill authorizes a 100% state income tax deduction for
federal income taxes paid by a corporation.  Under current law,
corporations are only allowed to deduct 50% of federal income
tax paid.

The bill also replaces the lost transfers to the Outstanding
Schools Trust Fund resulting from the increased deduction for
federal income taxes paid by corporations with general revenue
funds.

The bill will apply to tax year 2000 and thereafter.