Legislative Session number- 86

Bill Name: SF1274

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)