SB 1496 - This act modifies several provisions relating to taxation.ANNUAL PAYMENTS TO TAXPAYERS
For all years beginning on or after January 1, 2025, this act provides that any taxpayer, as defined in the act, that timely files a return as provided in the act shall be entitled to a payment from the state in amount equal to $1,500. Returns shall be filed by April 15 of each year in order to be eligible for such payment. (Section 135.180)
INCOME TAX
Current law imposes an income tax rate of 4.95%, with additional potential reductions to a rate of 4.5%. For all tax years beginning on or after January 1, 2025, this act provides that no tax shall be imposed upon Missouri taxable income. (Section 143.011)
SALES TAX
Current law imposes a statewide sales tax rate of 4%, with retail sales of food taxed at a rate of 1%. For all years beginning on or after January 1, 2025, this act increases such rates to 9% and 6%, respectively. (Sections 144.014 and 144.020)
JOSH NORBERG