MO SB772

Repeal and reenact section 143.011, RSMo, to establish Missouri income tax rates on resident taxable income using a progressive tax bracket system ranging from 1½% on income not exceeding $1,000 to 6% on income over $9,000

Establish nine progressive tax brackets with rates incrementally increasing by ½% to 1% per bracket, with base tax amounts and percentage rates applied to income exceeding bracket thresholds

Require annual adjustment of all tax brackets beginning with the 2015 tax year based on increases in the Consumer Price Index for All Urban Consumers for the United States

Apply adjusted brackets to subsequent tax years to account for cost of living increases