Plain English Breakdown
The effective date is listed as empty in metadata and not specified in the provided summary text; readers should check final enacted law for start dates.
HB1010: New Rules for Securities Reports, Taxes, and Fees
This bill requires annual reports on the value of securities sold or offered to be sold, sets fees, makes controlling private funds liable for debts of acquired firms, removes a specific income tax deduction, taxes capital gains in qualified opportunity zones, and imposes sales tax on computer software.
What This Bill Does
- Requires annual reports showing the value of securities sold or offered to be sold.
- Provides for fees related to these new reporting requirements.
- Makes controlling private funds jointly responsible for the debts of target firms they acquire.
- Eliminates a certain income tax deduction that was previously allowed.
- Imposes taxes on capital gains from sales of property in qualified opportunity zones.
- Adds a sales tax on computer software.
Who It Names or Affects
- Companies and individuals selling or offering securities for sale.
- Controlling private funds that acquire other firms.
- Businesses buying or selling property in qualified opportunity zones.
- Buyers of computer software subject to the new sales tax.
Terms To Know
- Securities
- Financial assets like stocks, bonds, or shares that are sold or offered for sale.
- Controlling private funds
- Investment groups that have enough power to direct the management of a company they buy.
- Qualified opportunity zones
- Specific areas where property sales may be taxed differently under this bill.
Limits and Unknowns
- The official text does not state the exact date when these new rules will begin.
- The specific amount of fees or tax rates is not detailed in the provided summary.
- It is unclear which income tax deduction is being removed without reading the full legal code.