Bill Text: MO HB1269 | 2014 | Regular Session | Introduced

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Bill Title: Eliminates the various individual income tax rate brackets and imposes a tax rate of 6% on Missouri taxable income greater than 106% of the official poverty line for the taxable year

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2014-03-11 - HCS Voted Do Pass (H) [HB1269 Detail]

Download: Missouri-2014-HB1269-Introduced.html

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SECOND REGULAR SESSION

HOUSE BILL NO. 1269

97TH GENERAL ASSEMBLY

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INTRODUCED BY REPRESENTATIVES CURTMAN (Sponsor), KELLEY (127), HURST AND KOENIG (Co-sponsors).

4638H.03I                                                                                                                                                  D. ADAM CRUMBLISS, Chief Clerk

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AN ACT

To repeal section 143.011, RSMo, and to enact in lieu thereof one new section relating to income tax.

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Be it enacted by the General Assembly of the state of Missouri, as follows:

            Section A. Section 143.011, RSMo, is repealed and one new section enacted in lieu thereof, to be known as section 143.011, to read as follows:

            143.011. 1. For all taxable years beginning before January 1, 2015, a tax is hereby imposed for every taxable year on the Missouri taxable income of every resident. The tax shall be determined by applying the tax table or the rate provided in section 143.021, which is based upon the following rates:

If the Missouri taxable income is:      The tax is:

Not over $1,000.00 . . . . . . . . . . .      1 1/2% of the

Missouri taxable income

Over $1,000 but not over $2,000       $15 plus 2% of excess over $1,000

Over $2,000 but not over $3,000       $35 plus 2 1/2% of excess over $2,000

Over $3,000 but not over $4,000       $60 plus 3% of excess over $3,000

Over $4,000 but not over $5,000       $90 plus 3 1/2% of excess over $4,000

Over $5,000 but not over $6,000       $125 plus 4% of excess over $5,000

Over $6,000 but not over $7,000       $165 plus 4 1/2% of excess over $6,000

Over $7,000 but not over $8,000       $210 plus 5% of excess over $7,000

Over $8,000 but not over $9,000       $260 plus 5 1/2% of excess over $8,000

Over $9,000 . . . . . . . . . . . . . . . .        $315 plus 6% of excess over $9,000                          

            2. For all taxable years beginning on or after January 1, 2015, the rate of tax on Missouri taxable income shall be:

            (1) Zero percent on taxable income at or below one hundred and six percent of the official poverty line for that taxable year;

            (2) Six percent on taxable income above one hundred and six percent of the official poverty line for that taxable year.

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