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.)