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Government Relations News

Bank Franchise Tax Repeal Passes House and Senate!!

03/14/2019

Notes from Ballard Cassady

I could not be more pleased to report that the House and the Senate approved, each by a very large margin, the repeal of the Bank Franchise Tax which was added to HB354 during conference. The House passed the bill 87-8 and the Senate passed it 34-3. It is our understanding that the effective date will be 1/1/2021. We will begin studying the particulars of the language first thing tomorrow morning to determine if changes were made from our proposed language.

This was a herculean task and it could not have been accomplished without the assistance of those of you who contacted your legislators over and over again each time we sent out a call to action. The final vote in each chamber shows just how strong we can be when our efforts are aligned.

We will provide our members and their CFOs with information to assist with the transition, as we analyze the language. We will also send out a list of those who voted for and against the bill. Once we do, please make sure you thank your legislators for their support!!