MO SB31

Missouri individual income tax rate reduced from progressive rates (1.5% to 6%) to a flat 4% rate, effective January 1, 2014.

State sales and use tax increased by one-half percent (0.5%) on most retail sales, with revenue dedicated to the State Transportation Interstate Fund for Interstate 70 reconstruction and maintenance.

Cigarette tax increased by 13 mills per cigarette effective January 1, 2014, with revenue deposited to the general revenue fund; this tax automatically repeals if any cigarette or tobacco tax increase is placed on a ballot or if any provision is ruled unconstitutional.

Sales tax rates on specific items (amusement, utilities, telecommunications, meals, transportation, and rentals) increased from 4% to 4.5%.

State Treasurer's General Operations Fund created to cover state treasurer expenses, with costs capped at 15 basis points of average daily fund balance in the state treasury.