STATEMENT TO

[First Reprint]

SENATE, No. 982

with Senate Floor Amendments

(Proposed by Senator LESNIAK )

ADOPTED: SEPTEMBER 15, 2016

      This amendment assures the exclusion of insurance company income from the corporation business tax combined return.

      The combined return is based on the inclusion of the income of both “taxable members” and “nontaxable members” of the combined group.  Insurance companies are already excluded from both the definition of “taxable member” and “nontaxable member,” but this amendment clarifies that the income of an insurance company is excluded from all aspects of the corporation business tax combined return.