KLS Keeping Law Simple Legislation in plain English

Straight-ahead summaries built from the official bill text. We keep the source links front and center and leave the decision up to you.

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SB781 • 2025

Provides that if a credit union acquires assets of a banking institution, receipts from the business portfolio acquired from the bank remain subject to the corporate excise tax and corporate activity tax.

Provides that if a credit union acquires assets of a banking institution, receipts from the business portfolio acquired from the bank remain subject to the corporate excise tax and corporate activity tax.

Labor Taxes
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Senator Nash,, Representative Levy B
Last action
2025-06-27
Official status
In Senate Committee
Effective date
Not listed

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

  1. 2025-06-27 Senate

    In committee upon adjournment.

  2. 2025-04-28 Senate

    Public Hearing held.

  3. 2025-01-17 Senate

    Referred to Finance and Revenue.

  4. 2025-01-13 Senate

    Introduction and first reading. Referred to President's desk.

Official Summary Text

Digest: The Act says that if a credit union buys a bank, certain receipts remain subject to certain taxes. (Flesch Readability Score: 61.6).
Provides that if a credit union acquires assets of a banking institution, receipts from the business portfolio acquired from the bank remain subject to the corporate excise tax and corporate activity tax.
Relating to: Relating to the acquisition of bank assets by a credit union.
Current location: In Senate Committee