Bill
Number: S.B. 1481
Mesnard
Floor Amendment
Reference
to: FINANCE Committee amendment
Amendment
drafted by: Leg Council
FLOOR
AMENDMENT EXPLANATION
1. Extends the filing deadline
for S corporation returns to the 15th day of the 5th month following the close
of the taxable year (TY).
2. Extends the filing
deadline for returns for unrelated business taxable income (UBTI) of a
tax-exempt organization to the 15th day of the 7th month after the close of the
TY.
3. Stipulates that fiscal
year and S corporation tax payments may be made on or before the deadline.
4. Allows tax credits for
contributions to charitable organizations, school tuition organizations or
public schools that are made on or before the 15th day of the 6th month following
the close of the TY to be applied to either TY 2018 or TY 2019.
Fifty-fourth Legislature Mesnard
First
Regular Session S.B. 1481
MESNARD FLOOR AMENDMENT
SENATE AMENDMENTS TO S.B. 1481
(Reference to FINANCE Committee
amendment)
Page 1,
between lines 1 and 2, insert:
"4. S
corporation returns shall be filed on or before the fifteenth day of the fifth
month following the close of the taxable year.
5. Returns
for unrelated business taxable income of a tax‑exempt organization shall
be filed on or before the fifteenth day of the seventh month after the close of
the taxable year."
Line 7,
after the second "on" insert "or before"
Line 10,
after "on" insert "or before"
Page 2,
between lines 4 and 5, insert:
"Sec. 3. Contributions for certain tax credits; 2018-2019 taxable year
Notwithstanding
any other law, for taxable year 2018, a contribution for which a credit is
claimed under section 43‑1088, 43‑1089, 43‑1089.01 or 43‑1098.03,
Arizona Revised Statutes, and that is made on or before the fifteenth day of
the sixth month following the close of the taxable year may be applied to
either the 2019 taxable year or the 2018 taxable year and is considered to have
been made on the last day of that taxable year."
Amend title to conform