HCS/HB 458 - This act phases out the annual corporate franchise tax rates and income threshold amounts for certain corporations beginning with tax year 2008. By tax year 2010, the tax rate will be zero for certain corporations. In order to realize the phasing out of corporate franchise tax rates, a corporation must pay at least fifty percent of its year-round, full-time employees' healthcare insurance premiums. The tax credit for financial institution taxes paid is also modified beginning with tax year 2008. By tax year 2012, the annual tax credit will equal one twentieth of one percent of the financial institution's outstanding shares and surplus employed in Missouri if the outstanding shares exceed one million dollars. This act is similar to Senate Bill 590 (2007). JASON ZAMKUS
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