Relating to taxation; and prescribing an effective date.

Reduces amount of income eligible for ] elective reduced personal income tax rate ] rates allowed for certain pass-through income by modifying income brackets . Excludes income attributable to certain types of trade or business from eligibility for reduced rate. ] Conditions allowance of rates on partnership or S corporation meeting either requirement of ratio of nonowner employees to owners or of percentage limitation on distributions, based on ordinary business income of partnership or S corporation. Exempts entity with ordinary business income not exceeding $250,000. Applies to tax years beginning on or after January 1, 2021. Takes effect on 91st day following adjournment sine die.