Providing an additional personal exemption for head of household tax filers and increasing the personal exemption for certain disabled veterans for purposes of income tax, modifying the definition of household income related to increased property tax homestead refund claims, providing for the apportionment of business income by the single sales factor and the apportionment of financial institution income by the receipts factor, providing for the apportionment pursuant to the three-factor test of a manufacturer who sells alcoholic liquor, requiring the use of single sales factor pursuant to the multistate tax compact, establishing deductions from income when using the single sales factor and receipts factor, providing for the decrease in corporate income tax rates, determining when sales other than tangible personal property are made in the state, excluding sales of a unitary business group of electric and natural gas public utilities, providing property tax exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers.

Removed the mechanism for automatically reducing the corporate income tax rate based on revenue growth after 2028.

Added a specific $2,320 additional exemption for individuals filing as 'head of household'.

Added a $2,250 to $2,320 exemption for 100% disabled veterans with permanent disabilities sustained in service.

Standardized personal exemption amounts to $18,320 for married couples and $9,160 for all other filers.

Expanded property tax exemptions to include electric scooters, electric personal assistive mobility devices, and motorized wheelchairs.

Added specific definitions for 'off-road motorcycle' and 'off-road vehicle' to clarify tax-exempt status.

Added a new mechanism to automatically reduce the corporate income tax rate at the end of fiscal year 2028 based on revenue growth, with new rates published by October 1, 2028.

Added specific property tax exemptions for off-road vehicles, motorized bicycles, electric scooters, trailers under 15,000 pounds used for personal use, and marine equipment.

Added requirements for apportioning business income using a single sales factor and financial institution income using a receipts factor, replacing previous multi-factor tests for certain industries.

Expanded the bill to include amendments to multiple tax statutes regarding corporate taxation, property taxation, and business apportionment, rather than just personal exemptions.