Repeals income modifications for the bank franchise tax related to bad debts.
This bill repeals income modifications for the bank franchise tax concerning bad debts. It amends sections 10-4-9.1, 10-4-9.2, 10-4-9.3, 10-4-9.4, 10-4-39, 10-6-157, and 10-43-10.1, and subdivisions 10-6A-1(7), 10-6B-1(5), 10-18A-1(6), 10-43-10.3(6), 10-43-10.3(5), and 10-45A-1(5). The changes affect financial institutions, particularly those making elections under 26 USC § 1362(a) and those organized as limited liability companies.
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