Relating to disallowance of tax expenditures; prescribing an effective date.

Temporarily disallows certain tax expenditures. Requires personal income taxpayers and corporate excise and income taxpayers to add back amounts excluded or deducted on federal return. Disallows elective lower rate on pass-through income. Applies to tax years beginning on or after January 1, 2022, and before January 1, 2024. Temporarily disallows certain property tax exemptions. Applies to property tax years beginning after July 1, 2021, and before July 1, 2023. Advances sunset for property tax exemption for long term rural enterprise zone. Applies to property tax years beginning before July 1, 2021. Takes effect on 91st day following adjournment sine die.