MO SB382

Repeals existing income tax brackets and replaces them with new rates for Missouri residents, eliminating tax brackets for income over $7,000 and capping the graduated rate structure at 5% for income over $7,000

Lowers the income threshold for using tax rates instead of tax tables from $9,000 to $7,000 for residents determining their tax liability

Reduces the corporate income tax rate from 6.25% to 5.25% for tax years beginning on or after January 1, 2014

Changes to sections 143.011 and 143.021 (personal income tax rates) become effective January 1, 2014

Section 143.071 (corporate income tax rate change) takes effect immediately upon enactment