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ARTICLE · 11 JULY 2022

Worth Another Look: Tax Reform Code - July 8, 2022

Buchanan Ingersoll & Rooney
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The 2022-2023 state spending plan includes H.B. 1342 (Rader, R-Monroe), which is an omnibus bill amending the Tax Reform Code of 1971.

United StatesTax
Buchanan Government Relations
Buchanan Government Relations
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The 2022-2023 state spending plan includes H.B. 1342 (Rader, R-Monroe), which is an omnibus bill amending the Tax Reform Code of 1971. The bill includes a much-anticipated reduction to the state's Corporate Net Income Tax as well as amendments to other provisions of the code.

As amended, the bill would:

  • Ensure that the Sales and Use Tax is imposed on "peer-to-peer" car sharing programs, and collected and remitted by "peer-to-peer car sharing program marketplace facilitators. Vehicles rented through such programs will be excluded from the vehicle rental tax, but subject to a pro-rated Public Transportation Assistance Fund (PTAF) fee.
  • Makes amendments to the Tax Code so that the treatment of expense deductions under the Personal Income Tax will conform to federal law.

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