Relates to calculation of franchise tax on businesses with a business income base over five million dollars

This bill increases the franchise tax rate to 9% for businesses with a business income base exceeding $5 million, effective for tax years beginning on or after January 1, 2025. It replaces a prior rate of 7.25% that applied to these businesses from 2021 through 2024. The change specifically targets larger businesses as defined by the tax law and does not affect smaller businesses or other tax provisions. The legislation directly alters the tax calculation method for this income threshold without introducing new exemptions or deductions.