Bill > S1429

This bill proposes to gradually eliminate the corporate excise tax, which is a tax levied on corporations based on their net worth (the value of their assets minus their liabilities) or tangible property. The bill outlines a phased reduction in the tax rate, starting from $2.60 per $1,000 of net worth for tax years beginning in 2014 and decreasing annually until it reaches $0.00 per $1,000 for tax years beginning on or after January 1, 2021. This change aims to reduce the financial burden on corporations by phasing out this specific type of tax over several years, with the provisions taking effect for tax years starting on or after January 1, 2013.