Bill > SB451

This bill modifies provisions relating to taxation. It repeals section 143.011 of the Missouri Revised Statutes and enacts two new sections in its place. The key provisions are: 1. It imposes a tax on the endowments of certain institutions of higher education (defined as "qualifying institutions") at a rate of 1.9% of the aggregate fair market value of the endowment assets. This new tax applies to tax years beginning on or after January 1, 2022. 2. It allows for reductions in the top personal income tax rate, with up to five reductions of 0.1% per year, if certain revenue growth thresholds are met. An additional 0.4% reduction in the top rate is also mandated for the 2019 calendar year. 3. It requires the Missouri Department of Revenue to adjust the personal income tax brackets annually to account for inflation. The bill aims to generate revenue from the endowments of higher education institutions that have certain connections to abortion services, and to gradually reduce the top personal income tax rate over time.

Budget and Finance

https://www.senate.mo.gov/21info/BTS_Web/Bill.aspx?SessionType=R&BillID=57091258