S526 - Job Creation and Tax Relief Act of 2015

• Reduces individual income tax rates from 5.75% to 5.625% (effective 2016) and then to 5.5% (effective 2017), with a standard deduction replaced by itemized deductions only for charitable contributions, mortgage interest, and property taxes capped at $20,000.

• Reduces corporate income tax rate from 5% to 4.5% (effective 2016) and then to 4% (effective 2017), and lowers franchise tax on corporations from $1.50 to $1.35 per $1,000 of net worth with a minimum tax of $200.

• Phases in single sales factor apportionment for corporate income tax, starting with weighted formula in 2016 and transitioning to sales factor only beginning in 2017, using market-based sourcing for intangible property and services.

• Modifies the Job Development Investment Grant (JDIG) program to increase job creation thresholds, establish wage standards, cap grants at higher percentages in rural areas, add major market community restrictions, extend the program through 2018, and allow enhanced grants up to 100% of withholdings for qualifying "high-yield projects" with $1 billion investment and 2,500 jobs.

• Eliminates various corporate deductions and credits while adding royalty payments and interest expense to the conformity adjustments for pass-through entities.