MO HB152

Reduces individual income tax rates for residents with Missouri adjusted gross income of $60,000 or less, effective January 1, 2014 through December 31, 2018, with lower tax brackets and rates ranging from 0.5% to 4%.

Eliminates the 6.25% corporate income tax on Missouri taxable income for tax years beginning January 1, 2014 through December 31, 2018.

Imposes a 4% sales tax on taxable services effective January 1, 2014 through December 31, 2018, with detailed definitions of taxable services, taxable employers, and exemptions for business and investment purposes.

Establishes a sales tax rebate program allowing taxpayers to claim quarterly rebates of $50 to $200 based on income levels relative to federal poverty guidelines, effective January 1, 2014 through December 31, 2018.

Defines new tax terms including "basic interest rate," "education and training," "nonprofit organization," "taxable employer," and "taxable service" to implement the new sales tax on services.