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Repeal Of Infrequently Used Tax Expenditures

Concerning the repeal of infrequently used tax expenditures, and, in connection therewith, making an appropriation.
2022 Regular Session
Fiscal Policy & Taxes
Bill Summary

Legislative Oversight Committee Concerning Tax Policy. The bill repeals the following tax expenditures:

  • The exemption from the insurance premium tax for educational and scientific institution life insurance ( section 1 of the bill);
  • The alternative minimum income tax based on annual gross receipts from sales in or into the state ( sections 2 and 4 );
  • The income tax credit for investment in technologies for recycling plastics ( section 3 );
  • The income tax credit for crop or livestock contributions to a charitable organization ( section 4 );
  • The income tax deduction for income or gain for a C corporation that was taxed prior to 1965, to the extent it is included in current taxable income ( section 5 );
  • Income tax credits for qualifying investments ( sections 6 and 7 );
  • The sales and use tax exemption for the transfer of complimentary promotional materials to an out-of-state vendee ( section 8 ); and
  • The requirement that a portion of a state-employed chaplain's salary is designated as a rental allowance ( section 9 ). and
  • The excise tax exemption for sacramental wines sold and used for religious purposes ( section 12 ). This section also specifies that a religious organization that distributes sacramental wines for religious purposes is not subject to licensing and other regulatory requirements.

Sections 10 and 11 make conforming amendments.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)


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Bill Text