2007 House Bill 4388 (FY 2008 Executive Budget “Revenue Enhancements” )

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• Introduced by Rep. Fred Miller on March 1, 2007, to require a person to add to their taxable income for purposes of calculating their state income tax liability any expenses incurred in the production of certain income that is not taxable under the state income tax, if those expenses were deducted from the person’s federal income tax base. That applies to expenses associated with oil and gas production. This is one of a number of “tax expenditure repeal” proposals proposed to pay for higher spending in the Fiscal Year 2007-2008 budget, and would take in an additional $3.9 million from taxpayers.
  • Referred to the House Tax Policy Committee on March 1, 2007.
    • Reported in the House on April 12, 2007, without amendment and with the recommendation that the bill pass.
• Passed in the House (57 to 51) on April 17, 2007, to require a person to add to their taxable income for purposes of calculating their state income tax liability any expenses incurred in the production of certain income that is not taxable under the state income tax, if those expenses were deducted from the person’s federal income tax base. That applies to expenses associated with oil and gas production. This is one of a number of “tax expenditure repeal” proposals proposed to pay for higher spending in the Fiscal Year 2007-2008 budget, and would increase the amount certain taxpayers pay by approximately $3.9 million. [Vote Details and Comments]
• Received in the Senate on April 19, 2007.
  • Referred to the Senate Finance Committee on April 19, 2007.

Comments

Introduced by Rep. Fred Miller on March 1, 2007. Passed in the House (57 to 51) on April 17, 2007. New Comment