ID H0479

Military retirement benefits deduction expanded to include recipients who are disabled, age 62+, or employed with sufficient income to require federal tax filing, removing the previous blanket age/disability requirement for military retirees

Corporate income tax rate confirmed at 5.3% for taxable years beginning January 1, 2025, with clarifying language added to the existing rate schedule

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

Assessment period for unfiled sales/use tax returns reduced from 7 years to 3 years if the taxpayer had a reasonable belief no taxes were due; income tax collection period similarly limited to 3 years for taxpayers who reasonably believed no return was required

Sales tax distributions to the general fund for public schools educational support program set at $330 million annually, with $50 million transfers from the tax relief fund to both school district facilities and homeowner property tax relief accounts required by August 31 each fiscal year