Relating to taxation
ARTICLE 1 - PROPERTY TAXES
Modifying the state
general levy base amount apportionment of the state general property tax levied
against commercial-industrial and seasonal residential recreational property and
the levy of state general tax; modifying certain local governmental unit levy
limitations
ARTICLE 2 - INDIVIDUAL INCOME TAXES
Adding a fourth bracket to
the individual income tax; adding a clothing sales tax credit to the individual
income tax, specifying limitations, providing an appropriation for refund
purposes; defining certain terms; adjusting the individual alternative minimum
tax
ARTICLE 3 - CORPORATE INCOME TAXES
Providing for a gradual phaseout of
the corporate franchise tax; modifying certain definitions and making certain
conforming amendments; repealing deductions, credit and additions to the
corporate franchise tax; repealing the corporate alternative minimum tax; ending
the minimum fee for corporations; modifying the gross and net income allocation
definitions relating to corporations
ARTICLE 4 - SALES AND USE
TAXES
Including legal services and account, bookkeeping and tax preparation
services under the definition of sales and purchase services for sales and use
tax exemption purposes; adjusting the sales tax rate; eliminating the imposition
and refund of sales tax on capital equipment; specifying the excise tax rate
imposed on the purchase price of motor vehicles; repealing the sales tax
exemption for clothing
ARTICLE 5 - JUNE ACCELERATED TAX PAYMENTS
Modifying
the June accelerated tax payments
ARTICLE 6 - ADMINISTRATION AND
COMPLIANCE
Modifying certain administration and compliance statutes to remove
corporate taxpayer requirements
ARTICLE 7 - ECONOMIC DEVELOPMENT
Modifying
certain definitions to remove corporation references
ARTICLE 8 -
MISCELLANEOUS
Requiring the budget to show estimates for two biennia;
requiring the budget to the legislature to show structural balance over two
biennia; repealing the price of government law
(je)