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. The bill changes the term "person" to "individual" in several instances, particularly regarding deductions for health insurance premiums paid by individuals for their families. 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 not only individuals who own or are purchasing a homestead but also those who are grantors placing their homestead in a revocable trust or a qualified personal residence trust. This change aims to broaden the understanding of ownership in the context of tax law. Overall, the amendments seek to modernize the language and clarify the provisions of the Income Tax Act to better reflect current practices and definitions.

Statutes affected:
Senate Introduced Bill: 206.510