MO SB711

Repeals current individual income tax sections and enacts new progressive tax rate schedules effective January 1, 2011, with rates ranging from 1.5% on income under $2,000 to 9% on income over $50,000.

Modifies federal income tax deduction for individual taxpayers beginning January 1, 1994 to cap deduction at $5,000 on single returns or $10,000 on combined returns, applicable through December 31, 2010.

Creates new tax credit section 143.176 effective January 1, 2011, providing credits based on filing status and federal adjusted gross income: $150 flat credit for lower-income filers, declining credits up to $143 per eligible person for middle-income taxpayers, with excess credits treated as refundable overpayments.

Allows Department of Revenue to promulgate rules to implement the tax credit provisions under chapter 536 authority.

Submits all provisions of Section A to qualified Missouri voters for approval or rejection at the November 2, 2010 election, becoming effective only upon majority voter approval.