MO HB976

Repeals and replaces section 143.071 of Missouri Revised Statutes regarding corporate income tax rates.

Maintains a 5% corporate income tax rate for tax years beginning before September 1, 1993.

Maintains a 6.25% corporate income tax rate for tax years beginning September 1, 1993 through December 31, 2011.

Creates a tiered system beginning January 1, 2012 that reduces the corporate income tax rate based on total state sales and use tax collections, ranging from 5.25% down to 0% as collections increase from $3.075 billion to $3.525 billion in a fiscal year.

Provides that any rate reductions are permanent and cannot be increased if sales and use tax collections fall below the thresholds in subsequent years.