2E Relating to taxation

ARTICLE 1 - INCOME AND CORPORATE FRANCHISE TAXES

Requiring taxes required to be deducted and withheld by partnerships, S
corporations and trusts to be paid on a quarterly basis as estimated taxes; providing for income tax withholding for other than employees performing work for the employer

ARTICLE 2 - FEDERAL UPDATE

Updating certain state income tax and property tax refund provisions to changes in the internal revenue code (IRC)

ARTICLE 3 - SALES, USE AND SPECIAL TAXES

Prohibiting commissioner of administration, state agency or legislative goods or services procurement contracts with foreign vendors failing to register to collect sales and use taxes on sales in the state, exemptions, requiring vendor submission of verification of registration to the agency or legislature; imposing a gross receipts tax on the sale of liquor, specifying certain duties of the commissioner of revenue; excluding transportation, transmission or distribution of petroleum, liquefied or natural gas, water or steam through pipes, lines, tanks or mains from the definition of industrial production and machinery or equipment used in the transportation or distribution from the definition of capital equipment for sales tax exemption purposes; defining direct business for insurance gross premium tax purposes; eliminating the repeal of the rental motor vehicle tax

ARTICLE 4 - MISCELLANEOUS

Modifying the residential homestead market value property tax credit; reducing 2005 and 2006 city aid payments by reducing homestead market value credit reimbursements
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