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);
•
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.
