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Bills · 2013-2014 Regular Session

AB 132

Died at session end Official bill text Atom feed

Relating to: federalizing the treatment of capital losses. (FE)

Income tax Legislature — Tax exemptions, joint survey committee on

  1. Introduced, stopped here
  2. Passes Assembly, not reached
  3. Passes Senate, 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, 2014, 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: Bernier (R) , Brooks (R) , J. Ott (R) , Jacque (R) , Kaufert (R) , Kerkman (R) , Kooyenga (R) , LeMahieu (R) , Mursau (R) , Sanfelippo (R) , Stone (R) , Stroebel (R) , Tranel (R)

8 cosponsors

Grothman (R) , Kapenga (R) , Kedzie (R) , Lasee (R) , Leibham (R) , Moulton (R) , Petrowski (R) , Schultz (R)

Full history

  1. Apr 4, 2013 · Assembly

    Introduced by Representatives J. Ott, Kooyenga, Tranel, Sanfelippo, Stroebel, Stone, Brooks, Jacque, Kerkman, Bernier, LeMahieu, Mursau and Kaufert; cosponsored by Senators Kedzie, Petrowski, Moulton, Lasee, Grothman, Leibham and Schultz

  2. Apr 4, 2013 · Assembly

    Read first time and referred to Committee on Ways and Means

  3. Apr 5, 2013 · Assembly

    Representative Kapenga added as a coauthor

  4. Apr 10, 2013 · Assembly

    Fiscal estimate received

  5. Apr 8, 2014 · Assembly

    Failed to pass pursuant to Senate Joint Resolution 1