HB2975

Missouri HB2975 modifies income tax brackets and deductions, introducing new progressive tax rates and eliminating certain capital gains subtractions.

Missouri HB2975 revises the state's income tax code by establishing new progressive personal income tax brackets and removing income tax subtractions for specific capital gains. The bill introduces a tax-free threshold for residents with taxable income under $2,000 starting from tax year 2027. It also adjusts the tax rates based on inflation and modifies the tax brackets to be progressive, with rates ranging from 0% to 6% depending on income levels.