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MO SB220
Bill
Status
Introduced
1/28/2013
Primary Sponsor
John Lamping
Click for details
AI Summary
- Reduces Missouri income tax rates across all brackets, with the lowest bracket remaining at 1.5% and the highest bracket remaining at 6% on income over $9,000
- Increases the minimum income threshold for tax filing from $100 to $2,000 in taxable income
- Increases cigarette excise tax from 8.5 mills per cigarette in three increments: 2.5 mills effective January 1, 2015; 2.5 mills effective January 1, 2017; and 1.5 mills effective January 1, 2019, for a total of 15 mills per cigarette by 2019
- Deposits revenue from the new cigarette taxes into the general revenue fund
- Requires voter approval through a referendum election on the first Tuesday after the first Monday in November 2014 before the act becomes effective
- Automatically repeals all new cigarette tax increases if any cigarette or tobacco product tax increase appears on any ballot in Missouri after August 28, 2013, or if any provision is ruled unconstitutional
Legislative Description
Increases the excise tax on cigarettes and reduces personal income taxes
Last Action
Hearing Conducted S Ways and Means Committee
2/28/2013
Committee Referrals
Ways And Means And Fiscal Oversight2/12/2013
Full Bill Text
No bill text available