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House passes bill exempting guaranteed partner payments from gross receipts and use tax
Summary
House Bill 12-45 passed the House 66-4. The bill excludes guaranteed payments to partners from the definition of gross receipts and exempts such payments from state use tax; sponsor described the change as fixing a tax "glitch."
The House voted 66-4 to pass House Bill 12-45, which excludes guaranteed payments made to partners from the definition of gross receipts and exempts those guaranteed payments from state use tax.
Representative Massey, sponsor of the bill, said the change fixes a tax-law "glitch" that treated guaranteed partner payments — payments to a partner for managerial…
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