HCS HB 458 -- FRANCHISE TAX RATES AND FINANCIAL INSTITUTION TAX
CREDITS (Sutherland)

COMMITTEE OF ORIGIN:  Ways and Means

This substitute changes the annual franchise tax rates and income
threshold amounts for corporations beginning with tax year 2008.
By tax year 2010, the tax rate will be zero.  The corporation
must pay at least 50% of its year-round, full-time employees'
healthcare insurance premiums.

The tax credit for financial institution taxes paid is also
changed beginning with tax year 2008.  By tax year 2012, the
annual tax credit will equal 1/20 of 1% of the financial
institution's outstanding share and surplus employed in Missouri
if the outstanding shares exceed $1 million.

FISCAL NOTE:  Estimated Cost on General Revenue Fund of $0 in
FY 2008, $0 to $2,256,200 in FY 2009, and $0 to Unknown in
FY 2010.  Unknown expected to exceed $100,000.  No impact on
Other State Funds in FY 2008, FY 2009, and FY 2010.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:19 am