ponto
December 11th, 2006, 08:39 PM
Rep. Mike Denham, D-Maysville, filed a draft bill earlier Monday that would eliminate the Alternative Minimum Tax, which the legislature approved in 2005 as part of Fletcher’s broad tax code change plan. retroactive to January 2006.
The Alternative Minimum Tax consists of several formulas designed to capture revenue from companies, whether they earn a profit or not.
Many smaller businesses complained that the alternative minimum calculation caused their state tax bills to nearly double last year.
The Alternative Minimum Tax consists of several formulas designed to capture revenue from companies, whether they earn a profit or not.
Many smaller businesses complained that the alternative minimum calculation caused their state tax bills to nearly double last year.