Legislative Session number- 85

Bill Name: SF0293

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)