DE HB289

Increases General Fund business and occupational gross receipts tax rates across multiple categories, with specific rate adjustments effective for taxable periods beginning after December 31, 2009.

Adjusts gross receipts tax rates including: financial institutions (0.384% to 0.4147%), insurance companies (0.624% to 0.6739%), public utilities (0.180% to 0.1944%), and manufacturing (1.92% to 2.0736%), among others.

Corrects outdated cross-references to service business license categories in occupational license tax provisions by updating category numbers.

Eliminates a sunset provision that would have automatically repealed the gross receipts tax rate increases enacted in 2008.

Directs that the first $1 million collected annually from the gross receipts tax surcharge on petroleum be deposited in the General Fund, effective July 1, 2009.