Requires the department of revenue to: (1) Conduct a study on alternatives for replacing the business and occupation tax with a revenue neutral subtraction method business value added tax;

(2) Examine the tax structures of other states and review previous studies regarding tax reform in this state;

(3) Be guided by administrative simplicity, economic neutrality, fairness, stability, and transparency; and

(4) Create an advisory group to provide advice and assistance to the department.