SB 2738: DEPARTMENT OF TAXATION; TAXATION; CORPORATIONS; COMBINED REPORTING; STATE-BY-STATE REPORTING; PENALTIES
- Session Year: 2025-2026
- House: Senate
- Latest Version Date: 2026-02-19
Current Status:
In Progress
(2026-02-20: Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.)
Introduced
In Committee
First Chamber
In Committee
Second Chamber
Final Decking
Enacted
Version:
Effective 1/1/2028, 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. Establishes penalties for violations. Effective 7/1/2050. (SD1)
Discussed in Hearing
4MINFeb 17, 2026
Senate Standing Committee on Commerce and Consumer Protection
4MINFeb 17, 2026
Senate Standing Committee on Health and Human Services
4MINFeb 17, 2026