The bill amends the Income Tax Act of 1967 to address deficiencies in state funds by modifying the imposition and collection of taxes on certain commercial, business, and financial activities. It introduces new legal language that emphasizes the enforcement of taxes through various means, including liens, and specifies the manner and timing for tax reporting and payments. Notably, the bill removes references to taxes being "on or measured by net income" and eliminates the term "rebates" from the provisions regarding exemptions, credits, and refunds.

Additionally, the bill redefines Section 601, which may now be cited as the "corporate income tax act," and clarifies that terms used within this section will align with federal income tax laws unless otherwise specified. The bill also includes a repeal of certain parts of the Income Tax Act, specifically parts 1, 3, and 4, indicating a significant restructuring of the existing tax framework.

Statutes affected:
Senate Introduced Bill: 206.601