Bill > HB2247

This bill proposes to gradually reduce and ultimately eliminate Missouri's personal income tax over a 10-year period, starting in 2023. Initially, the top income tax rate will be reduced from 6% to 4.95% in 2023, with subsequent potential reductions contingent on specific net general revenue growth conditions. The bill allows for further rate reductions of 0.15% in 2024 and up to three additional 0.1% reductions in subsequent years, provided that net general revenue meets certain thresholds - specifically, exceeding the highest revenue of the previous three fiscal years by at least $175-200 million. From 2027 to 2036, the bill mandates annual reductions of one-eleventh of each tax bracket's rate, with the ultimate goal of reducing the personal income tax to zero by January 1, 2037. Throughout this process, income tax brackets will be annually adjusted for inflation, and the Department of Revenue will be responsible for updating tax tables to reflect these changes. The bill aims to create a gradual, revenue-dependent path to eliminating the state's personal income tax.

https://house.mo.gov/Bill.aspx?bill=HB2247&year=2026&code=R