SCS/SBs 1 & 6 - Current law provides for reductions to the top rate of income tax to an eventual rate of 4.8% over a period of years, contingent on meeting certain net general revenue collection triggers. This act repeals all such scheduled reductions and reduces the top rate of income tax to 4.8% beginning in the 2023 calendar year. (Section 143.011) Current law exempts the first $100 of a taxpayer's income from taxation. For all tax years beginning on or after January 1, 2023, this act exempts the first $1,000 of income from taxation. (Section 144.021)
Current law sets the Missouri standard deduction equal to the allowable federal standard deduction. For all tax years beginning on or after January 1, 2023, this act sets the Missouri standard deduction equal to the allowable federal standard deduction plus $2,000 for every filing status except married filing combined, and plus $4,000 for the filing status of married filing combined. (Section 143.131)
This act contains an emergency clause.
JOSH NORBERG