Highlights:

-Establishes a tax of 1.5% on adjusted business income [Sec. 20 (1)]. -Exempts those collecting receipts totaling less than $350,000 from the filing requirement [Sec. 20 (2)]. -Allows those with receipts totaling between $350,000 and $15 million to choose between the business income tax established in this act, and the gross receipts tax established in SB 94 [Sec. 20 (3)]. -Exempts state, local, and federal government, those exempt from federal income tax, non-profit housing corporations, and the agricultural industry [Sec. 21]. -Requires corporate unitary groups to file a single, combined tax return [Sec. 70]. -Does not take effect until the passage of companion bills SB 94 and SB 96 [Enact. Sec. 2].

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