NRAI Compliance Updates - November, 2006

NRAI Compliance Updates - November 2006

Greetings,

The level of legislative activity continues to be low. This month the most interesting action was the withdrawal of the bill in New Jersey that proposed abolishing the Office of the Secretary of State.

Elsewhere, West Virginia proposed several bills dealing with the reduction of taxes paid by business entities.

From all of us at NRAI, best wishes for a happy and safe Thanksgiving.

Robert K. Rowell
General Counsel

New, Pending and Passed Legislation

New Jersey

HB 3571

Abolishes office of Secretary of State and Department of State and makes transfers to New Jersey Commerce, Economic Development and Tourism Commission, Department of Education and Attorney General.

Full Text available at: http://www.njleg.state.nj.us/2006/Bills/A4000/3571_I1.PDF

Current Bill Status: November 9, 2006 withdrawn from consideration

Pennsylvania

HB 3014

An Act amending Title 15 (Corporations and Unincorporated Associations) of the Pennsylvania Consolidated Statutes, further providing for removal of directors in business corporations.

Full Text available at: http://www.legis.state.pa.us/CFDOCS/Legis/PN/Public/btCheck.cfm?txtType=PDF&sessYr=2005&sessInd=0&billBody=H&billTyp=B&billNbr=3014&pn=4785

Current Bill Status: Referred to Commerce Committee on October 17, 2006

HB 2251

Amending Title 15 (Corporations and Unincorporated Associations) of the Pennsylvania Consolidated Statutes, FURTHER PROVIDING FOR REMOVAL OF DIRECTORS IN BUSINESS CORPORATIONS; repealing annual registration requirements for registered limited liability partnerships and limited liability companies; and making an editorial change.

Full Text available at: http://www.legis.state.pa.us/CFDOCS/Legis/PN/Public/btCheck.cfm?txtType=PDF&sessYr=2005&sessInd=0&billBody=H&billTyp=B&billNbr=2251&pn=4836

Current Bill Status: Second Consideration and re-referred to
Appropriations Committee on October 23, 2006

West Virginia

HB 201

Reducing the Corporation Net Income Tax rate. A Bill to amend and reenact §11-24-4 of the Code of West Virginia, 1931, as amended, relating to corporation net income tax, and reducing the rate of tax.

Full Text available at: http://www.legis.state.wv.us/Bill_Text_HTML/2006_SESSIONS/2x/BILLS/hb201%20intr.htm

Current Bill Status: November 9, 2006 introduced

HB 202

Reducing the Business Franchise Tax rate. A Bill to amend and reenact §11-23-6 of the Code of West Virginia, 1931, as amended, relating to reducing the rate of the business franchise tax..

Full Text available at: http://www.legis.state.wv.us/Bill_Text_HTML/2006_SESSIONS/2x/BILLS/HB202%20SUB.htm

Current Bill Status: November 9, 2006 introduced.

HB 208

Abolishing the Corporation Net Income Tax adjustment for pre-1967 gains on the sale of property. A Bill to amend and reenact §11-24-6 of the Code of West Virginia, 1931, as amended, relating to the elimination of the corporation net income tax adjustment for gains on the sale of certain property for which its valuation on July 1, 1967 is a factor.

Full Text available at: http://www.legis.state.wv.us/Bill_Text_HTML/2006_SESSIONS/2x/BILLS/HB208%20SUB.htm

Current Bill Status: November 9, 2006 introduced.

SB 2002

Eliminating corporation net income tax adjustment for pre-1967 gains on property sales. A Bill to amend and reenact §11-24-6 of the Code of West Virginia, 1931, as amended, relating to the elimination of the corporation net income tax adjustment for pre-1967 gains on the sale of property.

Full Text available at: http://www.legis.state.wv.us/Bill_Text_HTML/2006_SESSIONS/2x/BILLS/sb2002%20eng.htm

Current Bill Status: Passed House on November 13, 2006 and communicated to Senate.

SB 2004

Reducing business franchise tax rate. A Bill to amend and reenact §11-23-6 of the Code of West Virginia, 1931, as amended, relating to reducing the rate of business franchise tax.

Full Text available at: http://www.legis.state.wv.us/Bill_Text_HTML/2006_SESSIONS/2x/BILLS/sb2004%20eng.htm

Current Bill Status: Passed House on November 13, 2006 and communicated to Senate.

SB 2005

Reducing corporation net income tax rate. A Bill to amend and reenact §11-24-4 of the Code of West Virginia, 1931, as amended, relating to reducing the rate of corporation net income tax.

Full Text available at: http://www.legis.state.wv.us/Bill_Text_HTML/2006_SESSIONS/2x/BILLS/sb2005%20eng.htm

Current Bill Status: Passed House on November 13, 2006 and communicated to Senate.

Wyoming

HD 52

An Act relating to limited partnerships; providing for limited liability limited partnerships; limiting liability of general partners in limited liability limited partnerships; providing for registration of foreign limited liability limited partnerships; providing definitions; providing conforming amendments; and providing for an effective date.

Full Text not currently available.

Current Bill Status: November 14, 2006 Draft Request.

HD 56

An Act relating to limited liability companies; providing for governing law; providing definitions; providing for electronic signatures; providing duration for limited liability companies; providing requirements for operating agreements; providing for mail delivery of articles of organization; limiting liability of limited liability companies to creditors obtaining an interest from members; providing for annual fees; and providing for an effective date.

Full Text not currently available.

Current Bill Status: November 14, 2006 Draft Request.

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

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