Bill > SB950

This bill modifies Missouri's state income tax structure by introducing a series of potential tax rate reductions contingent on specific revenue growth conditions. The bill establishes a gradual tax rate reduction mechanism starting in 2023, where the top tax rate will initially be reduced to 4.95% and potentially decrease further in subsequent years if certain net general revenue thresholds are met. The tax rate reductions would occur in increments of 0.15% (in 2024), followed by potential additional reductions of 0.1% up to three times, with each reduction requiring net general revenue to exceed previous fiscal years by at least $200 million. Additionally, the bill introduces a new tax provision targeting the endowments of certain higher education institutions that are affiliated with or support abortion facilities, imposing a 1.9% tax on their endowment's aggregate fair market value beginning in 2027. The bill also includes provisions for annually adjusting income tax brackets based on inflation, using the Consumer Price Index (CPI) as a reference point. This legislation aims to provide tax relief for Missouri residents while creating a mechanism for ongoing tax rate reductions tied to state revenue performance.

Justice

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=381