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MO SB497

Bill

Official Source

Status

Introduced

1/8/2014

Primary Sponsor

Eric Schmitt

Click for details

Origin

Senate

2014 Regular Session

AI Summary

  • Maintains current Missouri income tax rates through December 31, 2014, with a top rate of 6% on income over $9,000
  • Reduces the top rate to 5.5% for tax years beginning January 1, 2015 through December 31, 2015
  • Beginning in 2016, allows the top tax rate to be reduced annually by up to 3/20ths of a percent if net general revenue exceeds the highest amount collected in the prior three fiscal years by at least $100 million
  • Sets a floor of 4% as the minimum top tax rate that cannot be reduced further
  • Adjusts tax table brackets progressively as the top rate drops below 5%, 4.5%, and 4%

Legislative Description

Reduces the top rate of tax on personal income over a period of years

Last Action

Hearing Conducted S Ways and Means Committee

1/16/2014

Committee Referrals

Ways And Means And Fiscal Oversight1/9/2014

Full Bill Text

No bill text available