SB 497-FN-A (2010): changing the business profits tax deduction for reasonable compensation for partnerships, limited liability companies, and sole proprietorships and modifying the interest and dividends tax statute to follow the definitions of interest and dividends used in the United States Internal Revenue Code.

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MLA: “SB 497-FN-A (2010): changing the business profits tax deduction for reasonable compensation for partnerships, limited liability companies, and sole proprietorships and modifying the interest and dividends tax statute to follow the definitions of interest and dividends used in the United States Internal Revenue Code.” Granite Record, https://graniterecord.org/bill/2010/sb497. Accessed 24 Oct. 2026.
APA: Granite Record. (n.d.). SB 497-FN-A (2010): changing the business profits tax deduction for reasonable compensation for partnerships, limited liability companies, and sole proprietorships and modifying the interest and dividends tax statute to follow the definitions of interest and dividends used in the United States Internal Revenue Code. Retrieved 24 Oct. 2026, from https://graniterecord.org/bill/2010/sb497
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BibTeX: @misc{bill-2010-sb497, title = {SB 497-FN-A (2010): changing the business profits tax deduction for reasonable compensation for partnerships, limited liability companies, and sole proprietorships and modifying the interest and dividends tax statute to follow the definitions of interest and dividends used in the United States Internal Revenue Code.}, howpublished = {Granite Record}, url = {https://graniterecord.org/bill/2010/sb497}, note = {Accessed 24 Oct. 2026} }

SB 497-FN-A (2010)

changing the business profits tax deduction for reasonable compensation for partnerships, limited liability companies, and sole proprietorships and modifying the interest and dividends tax statute to follow the definitions of interest and dividends used in the United States Internal Revenue Code.

Status: Died: conferees could not agree
Term: 2009-2010
House committee: Ways and Means
Senate committee: Ways and Means
Subject: Taxes - State

The Story

It was introduced on January 27, 2010 and referred to the Senate Ways and Means committee. The committee held public hearings on February 16, 2010 and March 3, 2010. The committee recommended that the Senate pass it. On March 10, 2010 the Senate voted to pass it on a voice vote, then referred it on to the Senate Finance committee. The committee recommended that the Senate pass it with changes. The committee's amendment (1142s) was adopted on a voice vote on March 24, 2010, changing the text of the bill. On March 24, 2010 the Senate voted to pass it with changes on a voice vote and ordered it to a third reading. On March 24, 2010 the Senate adopted “Reconsideration on Ought to Pass with Amendment” on a voice vote, on a motion by Sen. Cilley. On March 24, 2010 the Senate voted to pass it with changes on a roll call 24–0 and ordered it to a third reading. It crossed to the House on March 24, 2010 and was referred to the House Ways and Means committee. The committee held a public hearing on April 13, 2010. The committee held work sessions on May 3, 2010 and May 4, 2010. The committee met in executive session on May 6, 2010 to vote on its recommendation. The minority of the committee recommended that the House kill it. The committee's amendment (1842h) was adopted on a division vote 164–142 on May 13, 2010, changing the text of the bill. A floor amendment (1961h) was rejected on a roll call 150–175 on May 13, 2010. On May 13, 2010 the House voted to pass it on a roll call 177–150. On May 19, 2010 the Senate voted to reject the other chamber's changes on a voice vote, on a motion by Sen. Odell. On May 19, 2010 the House adopted “House Accedes to Request for Comm of Conf (Rep Hess)” on a voice vote. A committee of conference met on May 25, 2010 to try to settle the differences between the two chambers' versions of the bill.

Hearings and Sessions

February 16, 2010, 10:30 AM: hearing, Senate Ways and Means, SH 100
March 3, 2010, 1:00 PM: hearing, Senate Ways and Means, SH 100
April 13, 2010, 1:15 PM: public hearing, House Ways and Means, LOB 202
May 3, 2010, 3:00 PM: full committee work session, House Ways and Means, LOB 202
May 4, 2010, 2:30 PM: full committee work session, House Ways and Means, LOB 202
May 6, 2010, 9:00 AM: executive session, House Ways and Means, LOB 202
May 25, 2010, 9:00 AM: committee of conference, LOB 202

Votes

March 10, 2010, Senate: Ought to Pass — voice vote, passed
March 24, 2010, Senate: Ought to Pass with Amendment 1142s — voice vote, passed
March 24, 2010, Senate: Reconsideration on Ought to Pass with Amendment — voice vote, passed
March 24, 2010, Senate: Ought to Pass with Amendment — yeas 24, nays 0, passed
May 13, 2010, House: Adopt Committee Amendment — yeas 164, nays 142, passed
May 13, 2010, House: FLAM 1961H (NT) (REP SAPARETO) — yeas 150, nays 175, failed
May 13, 2010, House: OTP/AM 1842H (NT) — yeas 177, nays 150, passed
May 19, 2010, Senate: Nonconcur with House Amendment 1842h; NT, Requests C of C — voice vote, passed
May 19, 2010, House: House Accedes to Request for Comm of Conf (Rep Hess) — voice vote, passed

The Docket

January 27, 2010: Introduced and Referred to Ways & Means
February 16, 2010: Hearing: February 16, 2010, Room 100, State House, 10:30 a.m.; SC7
February 16, 2010: Hearing: February 16, 2010, Room 100, State House, 10:30 a.m.; SC8
March 3, 2010: Hearing: Mar. 3, 2010, Rm 100, SH, 1:00 p.m. or immediately following session,SC9
March 4, 2010: Committee Report: Ought to Pass 3/10/10; SC10
March 10, 2010: Ought to Pass, MA, VV; Refer to Finance Rule 26
March 22, 2010: Committee Report: Ought to Pass with Amendment 1142s, 3/24/10; SC12B
March 24, 2010: Without Objection, Chair moved to Special Order forward
March 24, 2010: Committee Amendment 1142s, AA, VV
March 24, 2010: Ought to Pass with Amendment 1142s, MA, VV; OT3rdg
March 24, 2010: Sen. Cilley Moved Reconsideration on Ought to Pass with Amendment, MA, VV
March 24, 2010: Ought to Pass with Amendment 1142s, RC 24Y-0N, MA; OT3rdg
March 24, 2010: Passed by Third Reading Resolution
March 24, 2010: Introduced and Referred to Ways and Means
April 13, 2010: Public Hearing: 4/13/2010 1:15 PM LOB 202
May 3, 2010: Full Committee Work Session: 5/3/2010 3:00 PM LOB 202
May 4, 2010: Continued Full Committee Work Session: 5/4/2010 2:30 PM LOB 202
May 6, 2010: Executive Session: 5/6/2010 9:00 AM LOB 202
May 6, 2010: Majority Comm Report: Ought to Pass with AM #1842h(NT) for May 12 (Vote 12-8; RC); HC37 PG.1747-1748
May 6, 2010: Proposed Majority Committee Amendment #1842h (New Title)
May 6, 2010: Minority Committee Report: Inexpedient to Legislate
May 12, 2010: Special Order to Next Session Day, Without Objection
May 13, 2010: Majority Committee Amendment #1842h (New Title) Adopted, DIV 164-142
May 13, 2010: Floor Amendment #1961h(NT) (Rep Sapareto) Failed, RC 150-175
May 13, 2010: Ought to Pass with AM #1842h(NT): MA RC 177-150
May 19, 2010: Sen. Odell Moved Nonconcur with House Amendment 1842h; NT, Requests C of C, MA, VV
May 19, 2010: President Appoints: Senators D'Allesandro, Janeway and Odell
May 19, 2010: House Accedes to Request for Comm of Conf (Rep Hess): MA VV
May 19, 2010: Speaker Appoints: Reps Hatch, Vachon, Walsh & Lockwood
May 25, 2010: Committee of Conference Meeting: 5/25/2010 9:00 a.m., Room 202, LOB
May 27, 2010: Conference Committee Report: Not Signed Off

Laws It Would Change

Related Bills

HB 1607-FN-A (2010): relative to the reasonable compensation deduction under the business profits tax, creating a committee to study safe harbors and taxation of investment organizations, and deleting a provision relative to taxation of certain income accumulated in trust.