This bill modifies income tax provisions.
This bill:
- amends the corporate franchise and income tax rates;
- amends the individual income tax rate;
- creates an addition for domestic research and experimental expenditures that a taxpayer fully deducts on the federal tax return for a taxable year; and
- authorizes a taxpayer that adds back domestic research and experimental expenditures to subtract those expenditures according to an amortization schedule on the state tax return.

Statutes affected:
Introduced: 59-7-104, 59-7-105, 59-7-106, 59-7-201, 59-10-104, 59-10-114