DIGEST OF INTRODUCED BILL
Business investment tax incentives. Eliminates the 30% floor on the total property tax value of a taxpayer's depreciable personal property. Exempts purchases for research and development from gross retail and use taxes. Provides that, for purposes of the adjusted gross income tax, business income is apportioned based on the sales factor. Eliminates the property factor and payroll factor that are currently also used in apportioning income. Makes the research expense credit permanent.