An act relating to miscellaneous administrative and policy changes to the tax laws

Summary

The bill removes a rule that stopped S corporations from getting tax credits, increases the tax on certain residential property transfers to 3.4%, and creates a new 10% tax on the fair‑market value of agricultural or managed forest land when it is developed. It impacts S corporations, home sellers and buyers, landlords, and owners of farm or forest property, and directs part of the new revenue to education and general state funds. The changes are intended to modernize tax policy and raise additional revenue.

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