Introduced
by
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 Committee on Tax Policy
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 57 to 51 (details)
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.
Referred to the Committee on Finance
