MO SB11

Creates the "Broad-Based Tax Relief Act of 2013" allowing individual taxpayers to deduct a phased-in percentage of business income from Missouri adjusted gross income, starting at 10% for tax year 2013 and increasing to 50% by tax year 2017.

Allows shareholders of small corporations (as described in section 143.471) and partners in partnerships to claim the business income deduction apportioned to their ownership share.

Reduces the corporate income tax rate from 6.25% to 3.125% over a five-year period, with incremental reductions occurring on January 1 of 2013, 2014, 2015, 2016, and 2017.

Defines "business income" as income greater than zero from regular trade or business activities and tangible property management, but excludes compensation as defined in section 32.200.

Applies deductions and rate changes on a staggered timeline from tax years beginning January 1, 2013 through January 1, 2017.