Bill > S1437

This bill proposes to gradually eliminate the corporate excise tax, which is a tax levied on corporations based on their net worth or tangible property. The bill outlines a phased reduction in the tax rate, starting from $2.60 per $1,000 for taxable years beginning in 2014 and decreasing incrementally each year until it reaches $0.00 per $1,000 for taxable years beginning on or after January 1, 2021. This means that over several years, corporations will pay less and less of this specific tax, with the ultimate goal of completely phasing it out. The tax is calculated based on either the value of a corporation's tangible property or its net worth, depending on the type of corporation. This change is intended to affect tax years starting from January 1, 2013, onwards.