Bill > HB1229

This bill makes several changes to the laws regarding the Missouri individual income tax. For tax years ending on or before December 31, 2020, the bill maintains the current tax rates and brackets. However, for tax years beginning on or after January 1, 2021, the bill establishes a new set of tax rates and brackets, with rates ranging from 2.5% to 7.75% depending on the individual's Missouri taxable income. The bill also provides for annual adjustments to these tax brackets to account for inflation. Additionally, the bill introduces a tax credit for eligible individuals based on their federal adjusted gross income, which can be refundable if the credit amount exceeds the individual's income tax liability. Finally, the bill requires the proposed changes to be submitted to Missouri voters for approval or rejection at the November 2020 election.

Budget and Finance

https://www.house.mo.gov/Bill.aspx?bill=HB1229&year=2019&code=R