SS/SCS/SBs 93 & 135 - This act modifies provisions relating to income taxes.INDIVIDUAL INCOME TAX
Current law provides for potential reductions of the individual income tax to an eventual rate of 4.5%, with such reductions conditional on meeting certain net general revenue collections. This act adds an additional five potential reductions to the top rate of tax for an eventual rate of 4.0%. (Section 143.011)
CORPORATE INCOME TAX
Current law imposes a tax on the Missouri taxable income of corporations at a rate of 4%. Beginning with the 2024 calendar year, this act reduces such rate of tax to 3.75%. Beginning with the 2025 calendar year, this act allows for three additional potential 0.5% reductions, for an eventual rate of 2.25%. Such additional reductions shall only occur if the amount of corporate income tax revenue collections for the immediately preceding fiscal year exceeds the highest amount of corporate income tax revenue collections from any fiscal year prior to the immediately preceding fiscal year by at least $50 million. (Section 143.071)
This act is similar to SB 701 (2022) , SB 393 (2021), and HB 2239 (2020), and to a provision in SB 18 (2022 First Extraordinary Session).
JOSH NORBERG