New Tax on Large Corporate Profits
This act introduces a new 7% tax on the profits of large corporations that report over $100 million in income on their financial statements. The goal is to increase government revenue, which could indirectly impact the funding of public services. This tax primarily targets very large companies, so it will not directly affect the personal finances of most citizens.
Key points
Introduction of a 7% tax on corporate profits exceeding $100 million annually.
The tax applies to income reported on companies' official financial statements.
Companies subject to this new tax will not be able to deduct it from other income taxes.
The changes will take effect for taxable years beginning after the act's enactment date.
Expired
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