Bill Text: MO HB1297 | 2014 | Regular Session | Introduced

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Bill Title: Modifies the corporate income tax rate in Missouri by gradually phasing it out over a five year period

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2014-01-28 - HCS Reported Do Pass (H) [HB1297 Detail]

Download: Missouri-2014-HB1297-Introduced.html

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SECOND REGULAR SESSION

HOUSE BILL NO. 1297

97TH GENERAL ASSEMBLY

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INTRODUCED BY REPRESENTATIVES KOENIG (Sponsor), BAHR, BRATTIN, COX, KOLKMEYER, WHITE, MCGAUGH, CURTMAN AND GUERNSEY (Co-sponsors).

5086H.01I                                                                                                                                                  D. ADAM CRUMBLISS, Chief Clerk

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AN ACT

To repeal section 143.071, RSMo, and to enact in lieu thereof one new section relating to corporate income tax.

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

            Section A. Section 143.071, RSMo, is repealed and one new section enacted in lieu thereof, to be known as section 143.071, to read as follows:

            143.071. 1. For all tax years beginning before September 1, 1993, a tax is hereby imposed upon the Missouri taxable income of corporations in an amount equal to five percent of Missouri taxable income.

            2. For all tax years beginning on or after September 1, 1993, but before January 1, 2015, a tax is hereby imposed upon the Missouri taxable income of corporations in an amount equal to six and one-fourth percent of Missouri taxable income.

            3. For the tax year beginning on or after January 1, 2015, but before January 1, 2016, a tax is hereby imposed upon the Missouri taxable income of corporations in an amount equal to five percent of Missouri taxable income.

            4. For the tax year beginning on or after January 1, 2016, but before January 1, 2017, a tax is hereby imposed upon the Missouri taxable income of corporations in an amount equal to three and three-fourths percent of Missouri taxable income.

            5. For the tax year beginning on or after January 1, 2017, but before January 1, 2018, a tax is hereby imposed upon the Missouri taxable income of corporations in an amount equal to two and one-half percent of Missouri taxable income.

            6. For the tax year beginning on or after January 1, 2018, but before January 1, 2019, a tax is hereby imposed upon the Missouri taxable income of corporations in an amount equal to one and one-fourth percent of Missouri taxable income.

            7. For all tax years beginning on or after January 1, 2019, there shall be no tax imposed upon the Missouri taxable income of corporations.

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