Legislative Session number- 83

Bill Name: SF2910

Relating to taxationARTICLE 1 � INCOME, FRANCHISE AND OCCUPATION
TAXESModifying the definition of foreign operating corporation for income +and
franchise tax purposes; providing an income tax subtraction for +certain active
military service income; modifying the net income apportionment +formulas for
corporations and financial institutions for franchise tax purposes +and
specifying the net income apportionment formula for occupation tax +purposes
ARTICLE 2 � SALES TAXESProhibiting 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 certification of registration
to the agency or +legislature; providing for the collection of sales taxes on
motor vehicle leases; +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 for the transportation or distribution from the definition of
capital +equipment for sales tax exemption purposes; imposing wholesale and
floor stocks +taxes on cigarettes ARTICLE 3 � MISCELLANEOUS Requiring and
providing for use of positive unrestricted budgetary +general fund balances to
increase the school district aids and credits payment +schedule and to eliminate
the property tax revenue recognition shift, specifying +certain duties of the
commissioners of finance and education; modifying the +residential homestead
market value credit for certain mixed property; increasing +the amount of tax
incentives for biotechnology and health sciences industry +zones; requiring the
commissioner of finance to transfer a certain amount of+ money from the general
fund budget reserve account to the cash flow reserve+ account (ra)