MO HB1688

Repeals and replaces section 143.011 of Missouri Revised Statutes relating to state income tax rates.

For taxable years before January 1, 2015, maintains existing graduated tax rates ranging from 1.5% on income not over $1,000 to 6% on income over $9,000.

For taxable years beginning on or after January 1, 2015, imposes a 0% tax rate on Missouri taxable income at or below the official poverty line for a family of the applicable size.

For taxable years beginning on or after January 1, 2015, applies a flat 6% tax rate on Missouri taxable income above the official poverty line for a family of the applicable size.