HB 793, SD 1 Summary

• Suspends certain general excise and use tax exemptions from January 1, 2012, to June 30, 2015, requiring payment at a 4% tax rate on previously exempted gross income and proceeds.

• Exempts services furnished by a company to its wholly owned subsidiary from the temporary suspension of general excise and use tax exemptions.

• Removes proposed provisions to increase state income tax standard deductions, household and dependent care credits, low-income renter credits, food/excise tax credits, capital goods excise tax credits, and various tax rates.

• Addresses projected state revenue shortfall through temporary suspension of general excise and use tax exemptions as a prudent fiscal measure.