MO HB2158

Modifies Missouri income tax rates and brackets effective January 1, 2015, with new graduated tax brackets and rates ranging from 1.5% to 6% on Missouri taxable income.

Adjusts low-income housing tax credit limits: reduces tax-exempt bond financed projects to $2 million annually (from $6 million) and establishes $115 million annual cap for non-tax-exempt financed projects beginning July 1, 2015.

Prevents taxpayers from claiming both low-income housing tax credits (sections 135.350-135.363) and historic structures rehabilitation tax credits (sections 253.545-253.559) for the same project.

Reduces historic structures rehabilitation tax credit authorization to $90 million per fiscal year beginning July 1, 2015 (from $140 million for fiscal years 2010-2015).

Imposes new income tax brackets with adjusted thresholds and base amounts for tax years beginning January 1, 2015, creating a flatter rate structure across income levels.