Individual income and corporate franchise taxes, certain state aid programs and public finance provisions modifications and appropriation
What changed between versions
The bill's subject matter was completely rewritten to address taxation, property tax classifications, state aid, and public finance, replacing the original text which focused solely on electric cooperative exemptions.
New definitions were added to clarify terms like 'commissioner' and 'significant tax expenditure' within the context of tax provisions.
A new commission was established to oversee tax-related matters, with specific rules for member appointments, vacancies, and meeting convening.
New data privacy requirements were introduced for the Campaign Finance Board, allowing it to access and share specific contributor data with the commissioner of revenue for refund administration.
Stricter standards of conduct were added for tax preparers, including prohibitions on charging fees based on refund percentages and requiring safeguards for client data.
Several new provisions include specific effective dates, such as rules for tax preparers taking effect for taxable years beginning after December 31, 2025.
New tax subtraction provisions were added for discharges of indebtedness awarded under specific legal sections and for foreign service pension income.
The maximum refund amount for political contributions was clarified and capped at $75 for individuals and $150 for married couples filing jointly.
