HB2575

Missouri HB2575 modifies income tax rates, introduces new tax brackets, and allows for tax credits based on federal earned income tax credit.

Missouri HB2575 modifies income tax provisions by reducing the top tax rate and introducing new tax brackets. It allows for annual reductions in the top tax rate by one-tenth of a percent, with no cap on the number of reductions, aiming to eventually eliminate the personal income tax rate. The bill also introduces new tax brackets for tax years beginning on or after January 1, 2027, with the top rate set at four and seven-tenths percent, or the top rate in effect on January 1, 2027, whichever is less.