Part I: Effective 1/1/2026, requires corporations to include in their income the income of all foreign subsidiaries to the State; applies the State's apportionment formula to determine the share of reported profits subject to the appropriate tax, which shall be deposited into the state general fund; and requires corporations to report all profits, losses, revenues, and inter-company transactions made and all taxes paid in other states. Part II: Establishes within DOTAX a Corporate Tax Law Task Force to annually review the State's corporate tax laws and recommend updates to close tax loopholes.
- Chamber
- House
- Introduced
- Jan 17, 2025
- Last action
- Jan 17, 2025 — Pending introduction.
- Session
- 2026
- Momentum
- 38 · Low