Relating to taxation

ARTICLE 1 - GOVERNOR'S INITIATIVES

Modifying budget reserve provisions; modifying the calculation of the school operating capital levy; modifying the residential homestead market value credit; modifying the definition of local government unit for levy limit purposes; imposing certain levy limits; excluding compensation and certain pension income for service in the armed forces from the income tax; providing for dairy investment and regional investment income tax credits; increasing maximum homeowner property tax refunds; modifying the income and franchise tax income apportionment formula; providing a direct sales tax exemption for small business and certain other capital equipment purchases including the wood products industry; exempting certain department of transportation (DOT) purchases from the sales tax; exempting certain sales of construction materials for a legal reference and data center facility from the sales tax; excluding material and supplies used or consumed in and equipment incorporated into the construction or improvement of a commuter rail transportation system from the sales tax; extending the period of job opportunity building zone benefits under certain conditions; modifying certain aids to local governments

ARTICLE 2 - FEDERAL UPDATE

Updating and conforming certain provisions to federal law
(ra)