(HB 1043)
References to the Internal Revenue Code updated.
Section
1.
That
§
10-43-10.1
be amended to read as follows:
10-43-10.1.
Net income, in the case of a financial institution, is taxable income as defined in
the Internal Revenue Code, as amended, and in effect on January 1,
2006
2007
, and reportable for
federal income tax purposes for the taxable year, but subject to the adjustments as provided in
§§ 10-43-10.2 and 10-43-10.3. If a financial institution has elected to file its federal tax return
pursuant to 26 USC § 1362(a), as amended, and in effect on January 1, 1997, net income shall be
computed in the same manner and in the same amount as if that institution had continued to file
its federal tax return without making the election and the financial institution shall continue to be
treated as a separate corporation for the purposes of this chapter. If a financial institution is
organized as a limited liability company, the limited liability company shall be treated as a separate
corporation for the purpose of this chapter.
Section
2.
That subdivision (6) of
§
10-18A-1
be amended to read as follows:
gross income, alimony, support money, nontaxable strike benefits, cash public
assistance and relief, not including relief granted under this chapter, the gross amount
of any pension or annuity, including Railroad Retirement Act benefits and veterans'
disability pensions, all payments received under the federal social security and state
unemployment insurance laws, nontaxable interest received from the federal
government or any of its instrumentalities, workers' compensation, and the gross
amount of loss of time insurance, but not including gifts from nongovernmental sources,
food stamps, or surplus foods, or other relief in kind provided by a public agency, less
real estate taxes payable or ten percent of rent paid on the applicant's principal residence
for the year in which application is made. However, the reduction in the individual's
income may not exceed four hundred dollars;