There shall be added to federal taxable income the amount of any individual’s compensation paid by a taxpayer that is in excess of $1 million for the tax year and that has been deducted on the taxpayer’s federal return under section 162 of the Internal Revenue Code.HB 2255, also introduced by Representative Wilde, is similar. It limits, for purposes of personal income taxation, availability of itemized deductions, using phaseout based on adjusted gross income of taxpayer.
A taxpayer’s itemized deductions are the amount of the taxpayer’s itemized deductions as defined in section 63(d) of the Internal Revenue Codeshall be reduced by five percent for every $50,000 by which the taxpayer’s adjusted gross income exceeds $500,000.In a time of record revenues coupled with a recession focused on small businesses, some think that these proposals are unnecessary and even mean-spirited. Neither bill has been scheduled for a hearing in the House Committee on Revenue, but this committee is not subject to the chamber deadlines faced by other committees.
|Post Date: 2021-03-26 09:39:53||Last Update: 2021-03-20 22:09:38|