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MO HB1328
Bill
Status
1/13/2014
Primary Sponsor
Jon Carpenter
Click for details
AI Summary
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Establishes new income tax rates for taxable years beginning January 1, 2016: 4% on income up to $30,000, 6% on income $30,000-$300,000, and 8% on income exceeding $300,000
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Reduces federal income tax deduction limits for individual taxpayers beginning January 1, 2016 from $5,000 (single) and $10,000 (combined) to $2,000 (single) and $4,000 (combined)
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Creates a new low-income subtraction for resident taxpayers with adjusted gross income not exceeding $15,000, ranging from $500-$2,500 depending on income level, effective January 1, 2016
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Maintains existing graduated tax rate structure for taxable years through December 31, 2015, with rates ranging from 1.5% to 6%
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Extends tax table provisions for individual taxpayers with income up to $300,000 beginning January 1, 2016, requiring calculation in $100 increments
Legislative Description
Decreases individual income tax rates on income of $300,000 or less, imposes an 8% tax rate on income above $300,000, creates a low-income tax deduction, and decreases the individual income tax deduction
Last Action
Public Hearing Completed (H)
2/18/2014