Bill > SB133

This bill makes several modifications to provisions relating to taxation in Missouri. The key provisions include: - Increasing the income exemption for the property tax credit for certain taxpayers and adjusting the credit amounts over time. - Changing the motor vehicle assessment methodology to use the manufacturer's suggested retail price rather than trade-in values. - Reducing the top individual income tax rate from 5.4% to 4.5% starting in 2024, with potential for further reductions based on revenue growth. - Reducing the corporate income tax rate from 4% to 2% starting in 2024, with potential for further reductions to 1% and eventual elimination. - Expanding the tax deduction for retirement income from private sources. - Adding a new tax deduction for children born to the taxpayer during the tax year. - Allowing certain tax-exempt entities to claim motor fuel tax refunds on behalf of eligible taxpayers. The bill contains various effective dates, inflation adjustments, and other implementation details for these changes.

Budget and Finance, Government Affairs

https://www.senate.mo.gov/23info/BTS_Web/Bill.aspx?SessionType=R&BillID=44409