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MO SJR57

Joint Resolution

Official Source

Status

Introduced

2/27/2014

Primary Sponsor

Brad Lager

Click for details

Origin

Senate

2014 Regular Session

AI Summary

  • Submits a constitutional amendment to Missouri voters for approval at the November 2014 general election
  • Prohibits the state from issuing, authorizing, or approving cumulative tax credits exceeding $200 million per fiscal year beginning July 1, 2015
  • Requires the Department of Revenue to calculate excess tax credits redeemed in fiscal year 2014 above $200 million
  • Mandates a reduction in individual income tax rates for all tax brackets, effective January 1, 2016, equal to the revenue lost from the new tax credit cap, rounded to the nearest one-hundredth of a percent
  • Aims to create a revenue-neutral effect by offsetting lost tax credit spending with reduced income tax rates

Legislative Description

Limits the amount of tax credits that may be issued in a fiscal year to $200 million and reduces the rate of tax on income

Last Action

Second Read and Referred S Ways and Means Committee

3/26/2014

Committee Referrals

Ways And Means And Fiscal Oversight3/26/2014

Full Bill Text

No bill text available