Clarifies business and occupation tax treatment of investment income for passive investment vehicles.

This bill amends the business and occupation tax code to clarify the tax treatment of investment income for passive investment vehicles managed by a person subject to business and occupation tax. It aims to address uncertainty following a state supreme court decision, ensuring consistent tax treatment for similarly situated entities. The changes apply retroactively and do not create a right of refund for previously paid taxes.

Clarifies business and occupation tax treatment of investment income for passive investment vehicles.

This bill amends the business and occupation tax code to clarify the tax treatment of investment income for passive investment vehicles managed by a person subject to business and occupation tax. It aims to address uncertainty following a state supreme court decision, ensuring consistent tax treatment for similarly situated entities. The changes apply retroactively and do not create a right of refund for previously paid taxes.