SB 1131 - Current law provides for an alternative method for the taxation of the income of pass-through entities, and provides for a compensatory tax credit against income taxes due pursuant to other methods of taxation. This act applies such provisions to fiduciaries.

This act also allows a designated affected business entity representative to sign the form electing to be taxed pursuant to the alternative method of taxation.

This act is identical to SB 696 (2023).

JOSH NORBERG