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MO HB77
Bill
Status
1/5/2011
Primary Sponsor
Michael Corcoran
Click for details
AI Summary
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Repeals and re-enacts section 147.010, RSMo, to phase out Missouri's corporate franchise tax between 2012 and 2016
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For tax year 2012, the franchise tax rate is one-forty-fourth of one percent on outstanding shares and surplus exceeding $10 million
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Reduces the franchise tax rate annually: 2013 (one-fifty-eighth of 1%), 2014 (one-seventy-second of 1%), 2015 (one-eighty-sixth of 1%)
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Eliminates the corporate franchise tax entirely for all taxable years beginning on or after January 1, 2016
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Maintains exemptions for non-profit corporations, insurance companies, banking institutions, savings and loan associations, and other specified entity types
Legislative Description
Reduces over a five-year period the annual corporate franchise tax rate from one-forty-fourth of 1% until no tax is imposed beginning January 1, 2016
Last Action
Referred: International Trade and Job Creation (H)
1/20/2011