HB 2149: TAXATION; CORPORATIONS; COMBINED REPORTING; STATE-BY-STATE REPORTING; DEPARTMENT OF TAXATION; CORPORATE TAX LAW TASK FORCE

Part I:  Effective 1/1/2027, requires corporations to include in their income the income of all foreign subsidiaries to the State; applies the State's apportionment formula to determine the share of reported profits subject to the appropriate tax, which shall be deposited into the state general fund; and requires corporations to report all profits, losses, revenues, and inter-company transactions made and all taxes paid in other states.  Part II:  Establishes within DOTAX a Corporate Tax Law Task Force to annually review the State's corporate tax laws and recommend updates to close tax loopholes.