Reduces the alternative minimum tax rate from 3 percent to 2. Exempts South African coins purchased for investment. Increases the current economic development zone EDZ and zone equivalent area ZEA wage tax credits.

Reduces the premiums tax rate and the limitation on the tax liability of life insurers. Exempts coin-operated photocopying where the charge is 50 cents or less. Reduces the pari-mutuel tax on on-track thoroughbred betting. Exempts purchases of food and drink priced at 75 cents or less made through vending machines. Conforms estate tax laws to changes made at Federal level. Increases the credit for long term care insurance from 10 percent to 20 percent of premium expenses. Reduces the differential tax imposed on S-corporations by 45 percent. Creates an investment tax credit for equipment used in the trading of securities by insurance companies. Increases the exemption threshold from 25 cents to 50 cents for purchases made through a bulk vending machine.

Expands agricultural property tax credit to include agricultural land set aside or retired under a Federal supply management or soil conservation program. Creates credits for purchase of alternative fuel vehicles and for investment in refueling stations. Eliminates the pari-mutuel tax at thoroughbred tracks for the three days surrounding the Breeder's Cup races. Reduces the rate imposed on S corporations by at least 40 percent. Eliminates antiquated mergers and acquisitions language in the Tax Law that caused an undue burden on corporation franchise taxpayers. Exempts meals sold by senior citizen housing communities to residents and their guests. To see if Finance mailed you an amended tax return so you can claim the EITC, click here. Lowers the cap on total tax liability for property and casualty companies to the same 2 percent rate that is currently applicable to life insurance companies.

Permits the benefits of investment tax credits ITC to follow the corporation when investment credit property is transferred during a qualified corporate reorganization. Exempts hot drinks and certain food and beverages sold through vending machines, if the food or beverages are exempt when sold at a grocery store. Provides a tax credit to encourage the construction and rehabilitation of environmentally sound green buildings. Extends the credit for alternative fuel vehicles for one year. York tax warrant judgment debt owed by such taxpayer. Exempts machinery and equipment used in the control, prevention or abatement of pollution from industrial and manufacturing facilities. Eliminates antiquated mergers and acquisitions language in the Tax Law that caused an undue burden on corporation franchise, bank franchise and insurance franchise taxpayers. Provides preferential tax treatment rates for the formation of captive insurance companies.