SB 5 Summary

• Repeals Section 135.313: Eliminates the charcoal producer tax credit for best available control technology equipment; no new credits can be authorized after the bill's effective date.

• Extends Multiple Tax Credit Expiration Dates: Extends sunset dates to December 31, 2017 for several benevolent tax credits including the children in crisis tax credit (135.327), pregnancy resource center tax credit (135.630), and local food pantry tax credit (135.647); previously authorized credits remain redeemable.

• Reduces Corporate Income Tax Rate: Creates a phased reduction in the corporate income tax rate from 6.25% (through 2013) to 0% by January 1, 2018, declining incrementally each year.

• Modifies Various Economic Development Credits: Updates authorization deadlines and caps for multiple business development tax credit programs (enterprise zones, historic rehabilitation, agricultural cooperatives, remediation projects, etc.) with most new authorizations ending on or after August 28, 2013-2020, depending on the program.

• Emergency Provisions: Declares sections 135.327, 135.630, and 135.647 emergency measures effective upon passage to ensure continued operation of certain benevolent tax credits.