Missouri SB880 modifies tax rates and brackets based on inflation and revenue thresholds.
Missouri SB880 modifies tax rates and brackets by adjusting them annually based on inflation and revenue thresholds. A reduction in the tax rate can only occur if net general revenue exceeds certain thresholds. The tax brackets and rates are adjusted annually by the percent increase in inflation, and the director of the department of revenue must publish these adjustments on the department's website. The bill also eliminates the top tax bracket once the top rate is reduced below the applicable bracket rate.
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