SB 238: Corporate Income Tax

GENERAL BILL by Smith

Corporate Income Tax; Revising the definition of the term “adjusted federal income” to prohibit specified deductions, limit certain carryovers, and require subtractions of certain dividends paid and received within a unitary combined group to determine subtractions from taxable income; repealing a provision relating to the adjusted federal income of affiliated groups; specifying circumstances under which a corporation is considered a member of a unitary combined group; specifying requirements for, limitations on, and prohibitions in calculating and reporting income in a unitary combined group return, etc.

Current Bill Version Posted: 10/17/2025 09:56 AM

• Senate Committee References (3)

  1. Commerce and Tourism (CM)
  2. Finance and Tax (FT)
  3. Appropriations (AP)

• Citations - Statute (20)

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  220.03	Definitions.	Page 3 (pdf)
  220.13	“Adjusted federal income” defined.	Page 3 (pdf)
  220.131	Adjusted federal income; affiliated groups.	Page 17 (pdf)
  220.136		Page 17 (pdf)
  220.1363		Page 17 (pdf)
  220.14	Exemption.	Page 22 (pdf)
  220.15	Apportionment of adjusted federal income.	Page 23 (pdf)
  220.183	Community contribution tax credit.	Page 25 (pdf)
  220.1845	Contaminated site rehabilitation tax credit.	Page 25 (pdf)
  220.1875	Credit for contributions to eligible nonprofit scholarship-funding organizations.	Page 27 (pdf)
  220.1876	Credit for contributions to the New Worlds Reading Initiative.	Page 27 (pdf)
  220.1877	Credit for contributions to eligible charitable organizations.	Page 27 (pdf)
  220.18775	Credit for contributions to eligible charitable organizations for the Home Away From Home Tax Credit.	Page 27 (pdf)
  220.1878	Credit for contributions to the Live Local Program.	Page 28 (pdf)
  220.19	Child care tax credits.	Page 28 (pdf)
  220.191	Capital investment tax credit.	Page 28 (pdf)
  220.1991	Credit for manufacturing of human breast milk derived human milk fortifiers.	Page 29 (pdf)
  220.51	Promulgation of rules and regulations.	Page 30 (pdf)
  220.64	Other provisions applicable to franchise tax.	Page 30 (pdf)
  376.30781	Tax credits for rehabilitation of drycleaning-solvent-contaminated sites and brownfield sites in designated brownfield areas; application process; rulemaking authority; revocation authority.	Page 31 (pdf)

• Bill History

  S = Senate, H = House

  10/17/2025	S	• Filed
  11/3/2025	S	• Referred to Commerce and Tourism; Finance and Tax; Appropriations
  1/13/2026	S	• Introduced
  3/13/2026	S	• Died in Commerce and Tourism