SB 382 – Changes the rates of tax on personal and corporate income

• Sponsor: Kraus
• LR Number: 1853S.01I
• Committee: Ways and Means
• Last Action: 2/28/2013 - Second Read and Referred S Ways and Means Committee
• Journal Page: S401
• Effective Date: January 1, 2014

Current Bill Summary

SB 382 - The act modifies the individual income tax rate table, so that all income over $7,000 will be taxed at the rate of five percent effective January 1, 2014.

This act reduces the corporate income tax rate from its current six and one-fourth percent of Missouri taxable income to five and one-fourth percent effective January 1, 2014.

MIKE HAMMANN