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Bills · 2013-2014 Regular Session

SB 122

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

13 cosponsors

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)

Full history

  1. Apr 3, 2013 · Senate

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

  2. Apr 3, 2013 · Senate

    Read first time and referred to Committee on Workforce Development, Forestry, Mining, and Revenue

  3. Apr 18, 2013 · Senate

    Fiscal estimate received

  4. Apr 8, 2014 · Senate

    Failed to pass pursuant to Senate Joint Resolution 1