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Senate committee pulls SB386 after lengthy DFA exchange on federal tax reporting
Summary
Senators questioned a proposal to repeal a statutory report requirement on federal income tax changes. DFA officials said staff monitor federal changes but the annual statutory report has not been produced in years; senators directed the bill to be pulled down for further discussion.
Senators on the Revenue & Tax Committee paused consideration of Senate Bill 386 after extended questioning from committee members about a statutory requirement that the Department of Finance and Administration monitor changes to the federal Internal Revenue Code and report to the General Assembly.
Senator Dismang pressed Department of Finance and Administration representative Paul Gehring about how federal changes would be communicated if SB386 repealed the existing report requirement. Gehring said…
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