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MO SJR34

Joint Resolution

Official Source

Status

Introduced

1/4/2012

Primary Sponsor

Chuck Purgason

Click for details

Origin

Senate

2012 Regular Session

AI Summary

  • Repeals corporate income tax, corporate franchise tax, and bank franchise tax effective January 1, 2013
  • Eliminates individual income tax by reducing rates by 20% annually until reaching zero effective January 1, 2018
  • Implements a revenue-neutral consumption tax on taxable property and services not to exceed 7% effective July 1, 2013
  • Exempts from sales tax: intangible property, business inputs for resale, educational tuition and fees, motor fuel, insurance, charitable donations, and items prohibited from taxation under federal law
  • Allows additional tax exemptions only with two-thirds approval from both legislative chambers and gubernatorial approval

Legislative Description

Replaces all taxes on income with a sales and use tax

Last Action

Second Read and Referred S Ways and Means and Fiscal Oversight Committee

1/5/2012

Committee Referrals

Ways And Means And Fiscal Oversight1/5/2012

Full Bill Text

No bill text available