Changes to Existing Law
HB1245 — Exempt from the state sales and use tax gross receipts for certain services to a partnership.
1 section modified+61-0
View:
§ 10-45
New Section+61
NEW SECTION added to Chapter 10-45
For purposes of the tax imposed by this chapter, gross receipts do not include any guaranteed payment, as described in 26 U.S.C. § 707(c) (1986), to a partner who is a: (1) Natural person; (2) Corporation whose only employees are owners of the corporation; or (3) Limited liability company that has no employees and is owned by a natural person. 9