MO SB733

Imposes a phased reduction in individual income tax rates from 1.5%-6% (through December 31, 2014) to 0.5%-5.2% (beginning January 1, 2019), with intermediate rate reductions occurring on January 1 of 2015, 2016, 2017, and 2018.

Reduces corporate income tax rates from 6.25% (before January 1, 2015) to 5.25% (beginning January 1, 2019), with intermediate reductions occurring on January 1 of 2015, 2016, 2017, and 2018.

Increases the federal income tax deduction cap for individual taxpayers from $5,000 on single returns or $10,000 on combined returns to $7,500 on single returns or $15,000 on combined returns for tax years beginning on or after January 1, 2015.

Maintains the existing 50% deduction of federal income tax liability for corporate taxpayers under Section 143.171.