MO HB2744

Restructures Missouri's individual income tax brackets effective January 1, 2018, establishing nine brackets ranging from 0% (income under $100) to 7.25% (income over $14,000), replacing the previous structure with a top rate of 6%

Eliminates the existing provision allowing gradual top-rate reductions tied to general revenue growth, which had permitted 0.1% annual decreases down to a floor of 5.5%

Removes the federal income tax deduction for individual taxpayers (previously capped at $5,000 single/$10,000 joint) for tax years beginning after December 31, 2017

Creates a new refundable tax credit of up to $200 per eligible person for lower-income taxpayers, phasing out between $30,000-$50,000 for single filers and $60,000-$80,000 for joint/head of household filers

Requires voter approval through a referendum on the November 2016 ballot or a special election called by the governor before taking effect