NRAI Compliance Updates - October, 2007

NRAI Compliance Updates - October 2007

Greetings,

A low volume of activity continues as legislative bodies return back to session after the summer recess. However, some activity has occurred which should be highlighted.

Michigan has changed filing fees for For-Profit and Non-For-Profit Corporations and LCC’s. See HB 4866,5257 and 5258 listed below. In the U.S. House of Representatives a few bills have been introduced affecting changes to the Internal Revenue Code of 1986. These bills involve a corporate alternative minimum tax and stock option compensation expenses.

Robert K. Rowell
General Counsel

New, Pending and Passed Legislation

Federal Legislation

HB 3652

To amend title 11, United States Code, to improve protections for employees and retirees in business bankruptcies.

Full Text available at: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f:h3652ih.txt.pdf

Current Bill Status: September 25, 2007 Referred to the House Committee on the Judiciary.

HB 3694

To amend the Internal Revenue Code of 1986 to provide corporate alternative minimum tax reform.

Full Text available at: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f:h3694ih.txt.pdf

Current Bill Status: September 27, 2007 Referred to the House Committee on Ways and Means.

SB 2116

A bill to amend the Internal Revenue Code of 1986 to provide that corporate tax benefits based upon stock option compensation expenses be consistent with accounting expenses shown in corporate financial statements for such compensation.

Full Text available at: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f:s2116is.txt.pdf

Current Bill Status: September 28, 2007 introduced and referred to the Committee on Finance.

Michigan

HB 4866

A bill to amend 1972 PA 284, entitled "Business corporation act," by amending section 1060 (MCL 450.2060), as amended by 2003 PA 106 relating to filing fees.

Full Text available at: http://www.legislature.mi.gov/documents/2007-2008/publicact/pdf/2007-PA-0083.pdf

Current Bill Status: Approved by Governor and effective September 30, 2007 as Public Act 83 of 2007.

HB 5257

A bill to amend 1982 PA 162, entitled "Nonprofit corporation act," by amending section 1060 (MCL 450.3060), as amended by 2003 PA 107 relating to filing fees.

Full Text available at: http://www.legislature.mi.gov/documents/2007-2008/publicact/pdf/2007-PA-0087.pdf

Current Bill Status: Approved by Governor and effective September 30, 2007 as Public Act 87 of 2007.

HB 5258

A bill to amend 1993 PA 23, entitled "Michigan limited liability company act," by amending section 1101 (MCL 450.5101), as amended by 2003 PA 81 relating to filing fees.

Full Text available at: http://www.legislature.mi.gov/documents/2007-2008/publicact/pdf/2007-PA-0086.pdf

Current Bill Status: Approved by Governor and effective September 30, 2007 as Public Act 86 of 2007.

Ohio

HB 232

Authorize the establishment of a new form of cooperative business entity in this state. To amend section 111.16 and to enact sections 1770.01 to 1770.17, 1770.20 to 1770.46, 1770.50 to 1770.56, 1770.60 to 1770.65, 1770.70 to 1770.72, 1770.80 to 1770.86, and 1770.99 of the Revised Code to authorize the establishment of a new form of cooperative business entity in this state.

Full Text available at: http://www.legislature.state.oh.us/bills.cfm?ID=127_HB_232

Current Bill Status: In Committee House Civil and Commercial Law since May 24, 2007.

HB 332

Adopt the Uniform Partnership Act to be known as the "Ohio Uniform Partnership Act “To amend sections 111.16, 1329.01, 1329.04, and 2329.66 and to enact sections 1775.66, 1776.01 to 1776.08, 1776.10 to 1776.12, 1776.21 to 1776.24, 1776.31 to 1776.38, 1776.41 to 1776.58, 1776.61 to 1776.79, 1776.81 to 1776.89, 1776.91, 1776.92, 1776.95, 1776.96, 1777.07, 1779.12, 1782.64, and 2307.30 of the Revised Code to adopt the Revised Uniform Partnership Act to be known as the "Ohio Uniform Partnership Act (1997)," to establish that on and after January 1, 2009, the act governs new partnerships and partnerships that elect to be governed by the act, to establish that effective January 1, 2010, the act governs all partnerships in Ohio, and to establish that effective January 1, 2010, the existing Ohio Partnership Law no longer governs partnerships.

Full Text available at: http://www.legislature.state.oh.us/bills.cfm?ID=127_HB_332

Current Bill Status: October 2, 2007 Introduced.

Pennsylvania

HB 1871

An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, authorizing shareholders of Pennsylvania S corporations and members of partnerships to receive certain deductions from personal income tax.

Full Text available at: http://www.legis.state.pa.us/CFDOCS/Legis/PN/Public/btCheck.cfm?txtType=PDF&sessYr=2007&sessInd=0&billBody=H&billTyp=B&billNbr=1871&pn=2555

Current Bill Status: October 2, 2007 Referred to Finance Committee.

For an archive of NRAI Compliance Updates, visit www.nrai.com and select Research Center.

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