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MO HB1453
Bill
Status
1/16/2014
Primary Sponsor
Denny Hoskins
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AI Summary
House Bill 1453 Summary
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Establishes a graduated individual income tax rate structure with rates ranging from 1.5% to 6% based on income brackets, with the top rate potentially reduced to a minimum of 5% based on revenue growth triggers.
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Allows the top individual income tax rate to decrease by 0.1% increments when net general revenue in the prior fiscal year exceeds the highest amount collected in the preceding three years by at least $200 million.
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Creates a business income deduction for individual taxpayers (sole proprietors, S-corporation shareholders, and partnership members) starting at 5% and increasing by 5% increments up to a maximum of 50% when revenue growth conditions are met.
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Reduces corporate income tax from 6.25% to as low as 5.25% through a series of ten incremental reductions (each 0.2%), contingent on meeting the $200 million revenue growth threshold multiple times.
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Requires 40% of revenue growth exceeding $200 million be deposited into the school district trust fund and 20% directed to higher education funding until the foundation formula is fully funded.
Legislative Description
Changes the laws regarding taxation
Last Action
Public Hearing Completed (H)
2/25/2014