MO SB1240

Eliminates Missouri's individual income tax for all tax years beginning on or after January 1, 2027

Maintains the current graduated income tax structure (1.5% to 4.95%) only for tax years through December 31, 2026

Removes the existing mechanism for gradual rate reductions tied to revenue growth triggers that was previously scheduled to lower rates by 0.1% increments

Repeals and replaces Section 143.011, RSMo, the statute governing Missouri's individual income tax rates