DE HB127

Extends gross receipts tax rates currently set to expire December 31, 2013 to remain in effect indefinitely for taxable periods beginning January 1, 2014, except as modified by section 45.

Increases gross receipts tax thresholds across multiple business classifications from $80,000 to $100,000 and from $240,000 to $300,000, and increases thresholds for certain industries from $1,000,000 to $1,250,000 and from $3,000,000 to $3,750,000.

Reduces gross receipts tax rates across numerous business classifications by small percentages (e.g., 0.4147% reduced to 0.4023%, 0.6739% reduced to 0.6537%).

Modifies the Gross Receipts Tax on Stevedoring and Shipping Activities by changing from a tiered rate structure (0.315% of first $2 million plus 0.590% thereafter) to a flat 0.315% rate for taxable periods beginning after December 31, 2013.

Removes the $1 million annual fiscal year limitation on deposits to the Capital Reserve Fund (sections 2-3) for fiscal years beginning after June 30, 2011.