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Bills · 2011-2012 Regular Session

SB 160

Died at session end Official bill text Atom feed

federalizing the treatment of capital losses.

  1. Introduced, stopped here
  2. Passes Senate, not reached
  3. Passes Assembly, not reached
  4. Governor signs, not reached
  5. Law, not reached

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

Under current law, the maximum amount of a capital loss that may be deducted

from income each year is $500; the federal limit is $3,000.

For taxable years beginning on January 1, 2012, this bill federalizes the

treatment of capital losses by eliminating the $500 annual limit on capital loss

deductions.

Because this bill relates to an exemption from state or local taxes, it may be

referred to the Joint Survey Committee on Tax Exemptions for a report to be printed

as an appendix to the bill.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: Galloway (R) , Grothman (R) , Kedzie (R) , Lasee (R) , Schultz (R)

5 cosponsors

J. Ott (R) , Jacque (R) , LeMahieu (R) , Spanbauer (R) , Ziegelbauer (I)

Full history

  1. Aug 3, 2011 · Senate

    Introduced by Senators Kedzie, Galloway, Grothman, Schultz and Lasee;Cosponsored by Representatives J. Ott, Ziegelbauer, Spanbauer, Jacque and LeMahieu

  2. Aug 3, 2011 · Senate

    Read first time and referred to committee on Public Health, Human Services, and Revenue

  3. Aug 4, 2011 · Senate

    Report of joint survey committee on Tax Exemptions requested

  4. Sep 8, 2011 · Senate

    Fiscal estimate received

  5. Sep 21, 2011 · Senate

    Public hearing held

  6. Mar 23, 2012 · Senate

    Failed to pass pursuant to Senate Joint Resolution 1