Reduces corporation business tax rate to 2.5% retroactively to January 1, 2020.

The bill reduces the corporation business tax (CBT) rate from 9% to 2.5% for privilege periods ending after December 31, 2019, and maintains this rate indefinitely. It applies to all CBT taxpayers, with a "privilege period" defined as the 12-month accounting period for which tax is due for the privilege of doing business in the state. The bill aims to support businesses affected by the COVID-19 pandemic by allowing them to retain a larger portion of their earnings. It takes effect immediately upon enactment and applies retroactively to January 1, 2020.

Reduces corporation business tax rate to 2.5% retroactively to January 1, 2020.

The bill reduces the corporation business tax (CBT) rate from 9% to 2.5% for privilege periods ending after December 31, 2019, and maintains this rate indefinitely. It applies to all CBT taxpayers, with a "privilege period" defined as the 12-month accounting period for which tax is due for the privilege of doing business in the state. The bill aims to support businesses affected by the COVID-19 pandemic by allowing them to retain a larger portion of their earnings. It takes effect immediately upon enactment and applies retroactively to January 1, 2020.