SB 540-FN (1996): modifying the definition of a qualified investment company.
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@misc{bill-1996-sb540, title = {SB 540-FN (1996): modifying the definition of a qualified investment company.}, howpublished = {Granite Record}, url = {https://graniterecord.org/bill/1996/sb540}, note = {Accessed 24 Oct. 2026} }
SB 540-FN (1996)
modifying the definition of a qualified investment company.
- Status: Signed into law
- Term: 1995-1996
- House committee: Finance
- Senate committee: Banks
- Subject: Taxes - State
- Chapter law: 154
The Story
It was introduced on January 3, 1996 and referred to the Senate Banks committee. The committee held a public hearing on January 9, 1996. The committee voted unanimously, 4–0, to recommend that the Senate pass it with changes. On February 15, 1996 the Senate voted to pass it with changes on a voice vote. It crossed to the House on March 5, 1996 and was referred to the House Finance committee. The committee held a public hearing on April 9, 1996. The majority of the committee recommended that the House pass it by a vote of 17–2. On April 17, 1996 the House adopted “Special Order to 04/18/1996”. On April 18, 1996 the House voted to pass it on a voice vote. The bill was enrolled on May 16, 1996 — the final check of the text before it goes to the governor. The governor signed it on May 24, 1996, making it Chapter 154 of the session laws. It took effect on July 1, 1996.
Sponsors
- Sen. Fraser (SD4) (prime sponsor)
Hearings and Sessions
- January 9, 1996, 8:30 AM: hearing, Senate Banks, RM103,LOB
- April 9, 1996, 10:00 AM: hearing, House Finance, RM100,ST HOUSE
Votes
- February 15, 1996, Senate: Ought to Pass with Amendment — voice vote, passed
- April 18, 1996, House: Ought to Pass — voice vote, passed
The Docket
- January 3, 1996: INTRODUCED AND REF TO BANKS; SJ1,P4
- January 9, 1996: HEARING JAN09 08:30 RM103,LOB FOR: BANKS
- February 14, 1996: COMM REPORT OTP/AM FEB15 (VOTE 4-0)
- February 14, 1996: PROP COMM AM<4834>; SC9,P4
- February 15, 1996: COMM AM, AA VV; PASSED WITH AM VV; SJ8,P89 + 95
- March 5, 1996: INTRODUCED AND REF TO FINANCE; HJ34,P1215
- April 9, 1996: HEARING APR09 10:00 RM100,ST HOUSE FOR: FINANCE
- April 9, 1996: MAJ REPORT OTP FOR APR17 (VOTE 17-2)
- April 17, 1996: SPECIAL ORDER TO APR18, WITHOUT OBJECTION; HJ54,P1809
- April 18, 1996: PASSED VV; HJ56,P1850 + 1900
- May 16, 1996: ENROLLED; SJ24,P470
- May 16, 1996: ENROLLED; HJ65,P2051
- May 24, 1996: SIGNED BY GOVERNOR 05/24/96 EFF: 07/01/96* CHAP.0154