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MO SB4
Bill
Status
Introduced
1/7/2015
Primary Sponsor
Eric Schmitt
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AI Summary
- Accelerates the top income tax rate reduction from one-tenth percent to one-fifth percent annually, beginning in 2017, with a floor of 5% instead of 5.5%
- Doubles the business income deduction increase from 5% to 10% annually, with a maximum deduction of 50% instead of 25%
- Requires net general revenue to exceed the highest of the prior three fiscal years by at least $150 million before any tax rate reduction or deduction increase can occur
- Mandates annual inflation adjustments to income tax brackets beginning in 2017, based on the Consumer Price Index
- Removes the provision that would have eliminated the top tax bracket once rates reached 5.5%
Legislative Description
Increases the amount of the personal income tax cut and the business income deduction in current law
Last Action
Hearing Conducted S Ways and Means Committee
2/12/2015
Committee Referrals
Ways And Means And Fiscal Oversight1/13/2015
Full Bill Text
No bill text available