summary
Introduced
01/04/2023
01/04/2023
In Committee
04/26/2023
04/26/2023
Crossed Over
03/30/2023
03/30/2023
Passed
Dead
05/12/2023
05/12/2023
Introduced Session
2023 Regular Session
Bill Summary
Modifies provisions relating to taxation
AI Summary
This bill:
Modifies various provisions related to taxation in Missouri, including reducing the top individual income tax rate from 4.95% to 4.5% starting in 2024 and potentially further reducing it to 1% by 2026 if certain revenue targets are met. It also reduces the corporate income tax rate from 4% to 2% starting in 2024, with potential further reductions to 1% by 2026 if revenue targets are met. The bill provides an exemption from the property tax for senior citizens on increases in property tax liability on their primary residence, allows assessors to use manufacturer's suggested retail prices for motor vehicle valuations, and makes various other changes to sales and use tax exemptions.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (2)
Last Action
In Conference (on 05/12/2023)
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