Legislative Session number- 87

Bill Name: SF2029

Relating to taxation;

ARTICLE 1 - CORPORATE TAX REFORM

Requiring foreign
operating corporate tax return filing; expanding domestic corporation definition
to include foreign corporation incorporated in or doing business in tax haven
and defining tax haven; removing foreign operating corporation tax privileges;
modifying JOBZ tax benefits; reducing the corporate franchise tax rates;
modifying apportionment of income; repealing foreign operating corporations;
special apportionment formula for certain mail order businesses

ARTICLE 2 -
SCHOOL SHIFT REQUIREMENTS

Authorizing the repayment of school aid payments
and property tax recognition shifts with revenue raised from the corporate tax
provisions modifications
(me)