MO HB536

Establishes the "Broad-Based Tax Relief Act of 2013" to provide tax relief for business income and reduce corporate tax rates.

Allows individual taxpayers to deduct a percentage of business income from Missouri adjusted gross income, phased in from 10% (2013) to 50% (2017 and beyond).

Applies the business income deduction to shareholders of small corporations and partners in partnerships based on their ownership percentage.

Reduces the corporate income tax rate gradually from 6.25% (pre-2013) to 3.125% by 2017, with intermediate rates of 5.625% (2013), 5% (2014), 4.375% (2015), and 3.75% (2016).

Defines "business income" as income greater than zero from regular trade or business operations, excluding employee compensation.