Limits the first interest mortgage business and occupation tax deduction to community banks; extends the business and occupation tax exemption for fruit, vegetable, dairy, and seafood businesses; changesthe sales and use tax exemption for certain equipment used in computer data centers; revises the definition of "newspaper" for purposes of business and occupation taxes; and repealsthe sales tax exemption for certain phone services.   Official Text and Analysis.

Striking amendment providing that a financial business that is located in more than ten states may not deduct from B&O tax amounts received from interest earnings on loans secured by first mortgages or deeds of trust on residential properties. The JLARC is directed to review the first mortgage deduction by June 30, 2015, as part of its tax preference review process.

Extends the B&O tax exemptions for manufacturing of fruits or vegetables, dairy, and seafood are extended to July 1, 2015, and are then replaced by a preferential B&O tax rate of 0.138 percent. The definition of a newspaper is amended to permanently include the Internet version of printed newspapers and newspaper supplements. The effect of this is to tax advertising revenue from the online versions of newspapers and newspaper supplements at the same rate as the traditional newspaper.

Repeals, modifies, or revises tax preference and license fees to improve revenue and budget sustainability .