AN ACT RELATING TO TAXATION -- BUSINESS CORPORATION TAX

This bill, SB 101, proposes to repeal the state's corporation minimum tax. It directly affects all corporations, including small business corporations (S-corps), that are currently subject to the state's business corporation tax. Specifically, it eliminates the requirement for these businesses to pay a minimum tax amount, which is currently $400 for tax years beginning on or after January 1, 2017. If enacted, corporations would no longer be subject to this minimum payment, regardless of their net income tax calculation.