The bill amends the Income Tax Act of 1967 by updating the definitions and provisions related to income and ownership. It clarifies that "income" includes federal adjusted gross income plus any income specifically excluded from this computation. Notably, the bill changes the term "person" to "individual" in several instances, including when referring to those enrolled in health insurance plans who can deduct premiums paid for their family's coverage. Additionally, it specifies that certain types of income, such as gifts, awards, and relief supplies, are not included in the definition of income.

Furthermore, the bill redefines "owner" to include individuals who own or are purchasing a homestead, as well as those who are tenants in cooperative housing. It also introduces new language to encompass grantors who have placed their homestead in a revocable trust or a qualified personal residence trust. These changes aim to modernize the language of the law and ensure clarity in the definitions used for tax purposes.

Statutes affected:
House Introduced Bill: 206.510