Relating to corporate activity tax; and prescribing an effective date.

Modifies provisions of corporate activity tax. Allows taxpayer to use annual accounting period used for federal income tax purposes as corporate activity tax year, instead of calendar year. Requires filing of short year tax return for tax year transition during calendar year 2021. Expands exemption for grocery sales to include groceries held by consignee store operator ] receipts of person that owns groceries at time of sale and certain consignee compensation . Expands exemption for motor vehicle dealer transactions to include all new vehicle exchanges between franchised motor vehicle dealerships. Expands exception allowing vehicle dealer to collect estimated portion of tax from purchaser to include collection from lessee. Provides that foreign or alien insurance company subject to retaliatory tax is excluded person for purposes of corporate activity tax. Adjusts filing deadline provisions. Removes redundant citation to statutory penalty provisions. Applies to tax years beginning on or after January 1, 2022 ] 2021 . Takes effect on 91st day following adjournment sine die.