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MO HB78
Bill
Status
1/5/2011
Primary Sponsor
Michael Corcoran
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AI Summary
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Adds a new section 143.103 to Missouri law creating a phased-in exemption for business income from state income tax for individuals and corporations
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Exemption percentages increase annually: 10% for 2011, 20% for 2012, 30% for 2013, 40% for 2014, and 50% for tax years beginning January 1, 2015 and thereafter
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Department of Revenue shall establish procedures for claiming the exemption and may promulgate rules under chapter 536 authority
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Program automatically sunsets December 31, six years after the effective date unless reauthorized by the General Assembly; if reauthorized, sunsets after an additional twelve years
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Applies to all tax years beginning on or after January 1, 2011
Legislative Description
Authorizes an income tax exemption for the business income of any individual or corporation to be phased-in over five years until the exemption is 50% of the taxpayer's Missouri taxable business income
Last Action
Referred: Tax Reform (H)
1/20/2011