SB561 - Imposes a sunset upon tax credit programs not currently subject to a sunset provision and requires the Department of Revenue to apply any increase in revenue generated to a decrease in the personal income tax rate

SB 561

Imposes a sunset upon tax credit programs not currently subject to a sunset provision and requires the Department of Revenue to apply any increase in revenue generated to a decrease in the personal income tax rate

Sponsor:

Ridgeway

LR Number:

4502S.01I

Committee:

Ways and Means and Fiscal Oversight

Last Action:

1/19/2012 - Hearing Conducted S Ways and Means and Fiscal Oversight Committee

Journal Page:

Title:

Calendar Position:

Effective Date:

August 28, 2012

Current Bill Summary

SB 561 - This act sunsets all tax credit programs, which are not currently subject to the Missouri Sunset Act, effective January 1, 2016. The Department of Revenue is required to apply any increase in revenue generated from ending these tax credit programs to a decrease in the personal income tax rate to begin on January 1, 2018. The Department of Revenue is required to accomplish this decrease in the personal income tax rate by rule.

EMILY KALMER

Amendments