Missouri HB2247 reduces and eliminates the personal income tax over a period of 10 years.
Missouri HB2247 reduces and eliminates the personal income tax over a period of 10 years. The bill reduces the top tax rate by 0.15% annually starting in 2024 if net general revenue exceeds previous fiscal years' collections adjusted for inflation. Further reductions occur if net general revenue exceeds prior collections by specific amounts. The tax brackets adjust annually based on inflation. The top tax rate will be eliminated once it drops below the second highest rate. The Director of the Department of Revenue adjusts tax tables to implement these changes.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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