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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

The act repeals the following tax expenditures:

  • The exemption from the insurance premium tax for educational and scientific institution life insurance;
  • The alternative minimum income tax based on annual gross receipts from sales in or into the state;
  • The income tax credit for investment in technologies for recycling plastics;
  • The income tax credit for crop or livestock contributions to a charitable organization;
  • 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;
  • Income tax credits for qualifying investments; and
  • The sales and use tax exemption for the transfer of complimentary promotional materials to an out-of-state vendee.

The act also repeals the requirement that a specific amount of a state-employed chaplain's salary must be designated as a rental allowance, thereby making it exempt from federal income tax.

(Note: This summary applies to this bill as enacted.)


Became Law


Bill Text

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details