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)