Missouri SB1240 eliminates the individual income tax for all tax years beginning on or after January 1, 2027.
Missouri SB1240 eliminates the individual income tax for all tax years beginning on or after January 1, 2027. The bill also reduces the top tax rate to 4.95% for tax years starting on or after January 1, 2023. The tax brackets will be adjusted annually based on the Consumer Price Index (CPI) starting from the 2017 calendar year. The top tax rate may be further reduced by 0.15% starting in 2024 if the net general revenue collected exceeds the highest amount collected in the previous three fiscal years by at least one percent.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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