MO HB1043

Requires the Director of Revenue to annually adjust Missouri taxable income brackets by historical inflation increases from calendar years 1931 to 2016, applied one year at a time starting with the 2017 tax year

Defines "inflation increase" as the percentage increase in the annual average Consumer Price Index for All Urban Consumers over the previous year

Mandates that if no inflation increase occurred in a particular year, the director must skip that year and apply the next preceding year's inflation increase to the next required adjustment

Adjustments continue annually until all inflation increases from 1931-2016 have been applied to the income tax brackets, effectively catching up for decades of unadjusted bracket creep

Amends Section 143.011, RSMo, which establishes Missouri's graduated income tax rates ranging from 1.5% on income up to $1,000 to 6% on income over $9,000