Bill > SB370

This bill proposes to phase out Missouri's corporate income tax over several years. Currently, corporations pay a 6.25% tax on their Missouri taxable income (which is income earned within the state). Starting in 2020, the corporate tax rate will be reduced to 4%. Beginning in 2026, the bill mandates gradual tax rate reductions of 0.8% per year, with no more than one reduction occurring in a calendar year. By January 1, 2030, the bill eliminates the corporate income tax entirely, meaning corporations will no longer be required to pay any state income tax on their Missouri-based earnings. The legislation specifically notes that these changes do not apply to out-of-state businesses operating under certain specific statutory sections. This phased approach allows businesses and the state government time to adapt to the progressive elimination of the corporate income tax.

Labor and Employment

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=508