Bill > SB1203

This bill modifies various provisions related to taxation in Missouri, with several key changes. For property taxes, the bill requires ballot measures seeking to modify real property taxes to express the effect in terms of real dollars per $100,000 of property valuation. It also gradually changes the assessment rate for personal property from 33.33% to 32% by 2027 and provides specific assessment rules for different types of property. For income taxes, the bill establishes a phased approach to tax rates, reducing the top tax rate from 5.4% to 4.7% by 2027, with potential further reductions contingent on state revenue growth. The bill introduces an increased standard deduction of $4,000 starting in 2027 and expands tax deductions for military personnel, including new categories of military income. Additionally, the bill provides relief for taxpayers who are denied tax credits due to lack of funds, allowing them to avoid penalties if they pay or arrange payment within 60 days of a balance-due notice. These changes aim to provide tax relief and create more transparent and flexible taxation mechanisms for Missouri residents.

Labor and Employment

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=368