Bill > SB131

This bill makes several changes to Missouri's tax laws: It requires election authorities to label ballot measures relating to taxation numerically or alphabetically rather than descriptively. It creates a new tax credit for taxpayers who pay the federal firearms and ammunition excise tax, subject to certain limits and restrictions. It requires that any ballot measure seeking to add, change, or modify a property tax express the effect of the proposed change in real dollars owed per $100,000 of market value. The bill also reduces the top individual income tax rate from 5.4% to 4.5% by 2024, and further reduces the corporate income tax rate from 4% to 2% by 2024, with potential for additional reductions in subsequent years based on growth in state revenue. It increases the amount of private pension and retirement income that can be deducted from Missouri taxable income. Finally, it exempts all sales of firearms and ammunition made in the U.S. from the state sales tax.

Budget and Finance, Government Affairs, Transportation and Infrastructure

https://www.senate.mo.gov/23info/BTS_Web/Bill.aspx?SessionType=R&BillID=44637