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House of Representatives
Session of 2015 - 2016 Regular Session

MEMORANDUM

Posted:	February 2, 2016 01:58 PM
From:	Representative Jason Ortitay
To:	All House members
Subject:	Removing Expired Capital Stock & Foreign Franchise Tax Language from Tax Code Legislation

In the near future, I intend to introduce legislation that will completely remove the expired Capital Stock & Foreign Franchise Tax (CSFT) language from the tax code. On December 31, 2015, the frequently delayed expiration of the CSFT finally took place. As many of you know, this tax was originally scheduled to expire in 2009 following a phase-out plan adopted by the legislature in 2000. However, the expiration was subsequently delayed on five different occasions when the phase-out schedule was altered in 2002, 2003, 2009 and 2011 and 2013. Now that the CSFT has expired, I believe it is important to completely remove the CSFT language from our tax code. Unfortunately, there is some disagreement regarding whether the expiration language will allow the CSFT provisions to be automatically removed along with other expired provisions. Therefore, I am introducing this legislation to ensure that the CSFT language can be removed from the tax code once and for all. Please join me in sponsoring this important legislation. If you have any questions, please contact Lauren Pacella at 787-1281 or at Lpacella@pahousegop.com

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