Missouri SB1237 modifies income tax provisions, including a 4% flat tax rate starting in 2027.
Missouri SB1237 modifies income tax provisions, including the imposition of a 4% flat income tax starting from 2027. The bill adjusts tax brackets annually based on inflation from 2017 to 2026. It also eliminates federal income tax deductions for individuals and corporations starting in 2027. The bill introduces tax credits and deductions for certain federal tax liabilities related to the COVID-19 pandemic for tax years between 2023 and 2026. The changes affect all Missouri residents with taxable income.
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