Bill > SB16

This bill proposes to phase out Missouri's corporate income tax over a period of years. Currently, corporations pay a 6.25% tax on their Missouri taxable income, which will be reduced to 4% starting in tax year 2020. Beginning in 2026, the bill mandates gradual reductions of the corporate tax rate by 0.8% annually, with no more than one reduction per calendar year. By January 1, 2030, the bill completely eliminates the corporate income tax, meaning corporations will no longer be required to pay any state income tax in Missouri. The legislation specifically notes that these tax rate changes do not apply to out-of-state businesses operating under certain specific sections of Missouri state law. This phased approach provides a predictable and gradual path to eliminating corporate income taxes in the state, potentially to attract businesses and stimulate economic growth.

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=E1&BillID=18267460