Missouri SB1285 modifies state income tax rates based on inflation and revenue collection.
Missouri SB1285 modifies state income tax rates by adjusting them annually based on inflation and net general revenue collected. The tax rates can decrease if certain revenue thresholds are met. The director of the department of revenue will adjust the tax tables to reflect these changes. The bill also defines terms such as "CPI" and "Percent increase in inflation." The modifications apply to tax years beginning on or after the specified dates.
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