MO HJR69

Eliminates state individual income tax effective January 1, 2016, with a maximum 3% rate allowed from January 1, 2014 through December 31, 2015.

Repeals existing sales and use tax laws effective January 1, 2014, and replaces them with a new sales tax on retail sales and services at rates not exceeding 5% (4% on food) before January 1, 2016, and 7% (5.5% on food) after January 1, 2016.

Exempts 27 categories of sales and services from the new tax, including professional services, real property, utilities, pharmaceuticals, education, agricultural products, manufacturing materials, and financial instruments.

Recalculates local sales and use tax rates to maintain revenue levels equivalent to the 2008-2012 average, with a cumulative statewide sales tax cap of 10% after January 1, 2016.

Provides property tax relief credits for homeowners age 65 and older with household income of $75,000 or less when property tax increases exceed specified thresholds, with the state reimbursing 75% of credits issued.