HB 127 Summary

• Cuts gross receipts tax rates across-the-board by 3% effective for taxable periods beginning after December 31, 2011 and ending before January 1, 2014

• Increases monthly exclusion levels from taxable gross receipts by 25%, raising them from $80,000 to $100,000 per month and from $240,000 to $300,000 per quarter for most business categories, and from $1 million to $1.25 million monthly for manufacturing taxes

• Clarifies that current tax rates remain in effect only through December 31, 2011, and that rates in place from 2010-2013 will be replaced with 2009 rates beginning January 1, 2014

• Restores full funding for the Hazardous Substance Clean-up program in fiscal year 2012 instead of fiscal year 2014 by removing the $1 million annual cap requirement

• Corrects cross-reference errors in the Occupational License Tax provisions effective July 1, 2013 through January 1, 2014