MO HB408

Reduces corporate income tax rate from 6.25% to 3.125% for tax years beginning January 1, 2012 and later.

Imposes an additional sales tax of 0.494% beginning July 1, 2012, with revenues deposited in the state general revenue fund.

Eliminates the annual corporate franchise tax for tax years beginning January 1, 2013 and later (previously applied to corporations with outstanding shares and surplus exceeding $10 million).

Maintains existing sales tax rates of 4% on retail sales, amusements, utilities, telecommunications, hotels, meals, and transportation services.