MO HJR74

Eliminates Missouri's state income tax on individuals effective January 1, 2016, with a transition period capping the rate at 3% from January 1, 2014 through December 31, 2015.

Repeals existing state sales and use tax laws and establishes a new state sales tax at 5% (4% on food) prior to January 1, 2016, increasing to a maximum of 7% (5.5% on food) after January 1, 2016.

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

Requires the general assembly to enact a law by January 1, 2016 to provide property tax relief for seniors and disabled individuals previously received through income tax credits.

Imposes a 10% statewide cumulative sales tax cap effective January 1, 2016, with exceptions only when voters approve rates exceeding 10% or when existing rates already exceed the cap.