Income tax; eliminating income tax for corporations owned by US citizens: eliminating privilege tax for banking institutions owned by US citizens. Effective date.

This bill (SB 2055) claims to eliminate income tax for corporations owned by U.S. citizens and remove privilege tax for banking institutions owned by U.S. citizens. However, the provided bill text only includes current individual income tax brackets (Sections 2355 and 2370) and does not show the actual proposed amendments to corporate tax provisions. The bill's title describes policy changes, but the context lacks the specific text of the amendments to those sections. Without the actual proposed language for corporate tax elimination, a factual summary of the policy change cannot be provided.