ID H0412

Military retirement pay deduction expanded to allow recipients under age 62 who are either disabled, have reached age 62, or were employed and earned sufficient income to file a federal return during the tax year

Corporate income tax rate of 5.3% for taxable years beginning January 1, 2025, codified with explicit effective date language (clarifying House Bill 40 provisions)

Interest on tax deficiencies will not accrue from the date the State Tax Commission identifies a return for possible audit until a notice of deficiency is issued, replacing the previous trigger of "written notice that an audit is being initiated"

Sales tax distributions redirected so $330 million annually goes to the general fund specifically for public schools educational support program rather than the public school income fund

Tax Relief Fund transfers modified to require $50 million annual transfers to school district facilities fund at the start of each fiscal year, with timing changed from "at the end of" to "for each fiscal year"