Bill > SJR21

This joint resolution proposes a constitutional amendment to be voted on in the 2026 Missouri general election, which establishes a new Tax Reform Fund and imposes spending limits on the state legislature. The resolution creates a mechanism where if state revenues exceed anticipated expenditures by at least $1 million, the surplus will be deposited into a dedicated Tax Reform Fund, which will be used to progressively reduce and eventually eliminate personal and corporate income taxes. The spending limits for the legislature will be tied to population changes, with spending increases capped at the percentage of population growth, and provisions for emergency spending during declared disasters. The fund can also be used to supplement budget shortfalls, with specific triggers for tax rate reductions: for every $60 million over $120 million in the fund, the state must reduce income tax rates by at least 0.02%. Once personal and corporate income taxes are reduced to zero, the fund will continue to collect revenue to address potential future budget shortfalls. The resolution requires a two-thirds vote in both legislative chambers to authorize emergency spending beyond the standard limits and mandates that once income taxes reach zero, they cannot be reinstated.

Labor and Employment

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=146