HB 635

ON MARCH 24, 2025, THE HOUSE ADOPTED AMEND MENT #1 AND PASSED HOUSE BILL 635, AS AMENDED. AMENDMENT #1 rewrites the bill to, instead, make the following revisions to present law:  With regard to the excise tax, authorizes, subject to certain provisions, a taxpayer, at the taxpayer's discretion, to add back to net earnings (i) a ny amounts taken as deductions from the taxpayer's federal taxable income that are also allowed to be taken as deductions in determining the taxpayer's net earnings; and (ii) a ny amounts subtracted from net earnings pursuant to present law .  Adds that d iscretionary additions to net earnings made under this amendment may be made, adjusted, or removed at the taxpayer's discretion for any tax year on any timely filed original or amended return . H owever, such adjustments do not reduce a taxpayer's net earnings below the amount that would have been computed for the tax year without regard to this amendment.