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Minutes for HB2316 - Committee on Taxation
Short Title
Allowing income tax net operating loss carryback from the sale of certain historic hotels.
Minutes Content for Wed, Mar 13, 2024
Mr. Siebers provided an overview HB2316 that provides for tax year 2006, if a net operating loss is incurred from the sale at a loss of a historic hotel located in a community with less than 2,500 citizens improved by funds borrowed on both such hotel and farmland owned by a taxpayer that is located within 20 miles of such hotel, and previously the farmland was sold at a gain and in which case a majority of the proceeds were used to pay off the mortgage on such hotel, the net operating loss may be carried back three years to offset the gain on the sale of such farmland. The taxpayer may file an amended return for the three prior years and be paid a refund with interest.
Representative Helgerson moved, seconded by Representative Hoheisel, the Committee recommend HB2316 favorable for passage.
Representative Helgerson withdrew his motion.
Representative Helgerson moved, seconded by Representative Eplee, to amend HB2316. Motion passed. (Attachment 26)
Committee discussion ensued.
Representative Helgerson moved, seconded by Representative Eplee, the Committee recommend HB2316 be passed as amended. Motion failed.
There being no further business, Chairperson Smith adjourned the meeting.
