The bill amends the Income Tax Act of 1967 by updating its title and section 601, which is now referred to as the "corporate income tax act." The amendments aim to address deficiencies in state funds by establishing provisions for the imposition, levy, computation, collection, assessment, reporting, payment, and enforcement of taxes on certain commercial, business, and financial activities. Notably, the bill removes references to taxes "on or measured by net income" and eliminates the term "rebates" from the text, while introducing new language to clarify the scope and definitions related to federal income taxes.

Additionally, the bill repeals parts of the Income Tax Act, specifically parts 1, 3, and 4, which encompass sections 206.1 to 206.532, 206.701 to 206.725, and 206.801 to 206.847. This repeal indicates a significant restructuring of the existing tax framework, focusing on corporate income taxation and streamlining the relevant legal language to enhance clarity and compliance.

Statutes affected:
Senate Introduced Bill: 206.601