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SCS/SBs 26, 11 & 31 - The act modifies the individual income tax rate table, so that all income over $6,000 will be taxed at the rate of four and one-half percent effective January 1, 2014. This act reduces the corporate income tax rate from its current six and one-fourth percent of Missouri taxable income to four and three-fourths percent effective January 1, 2014. The act creates an individual income tax deduction for business income and phases it in over a five-year period. Taxpayers will be allowed to deduct ten percent of business income for the 2014 tax year and, once fully phased-in, will be allowed a fifty percent deduction for all tax years after the 2017 tax year. Shareholders of S corporations and partners in partnerships will be allowed a proportional deduction based their share of ownership. MIKE HAMMANN
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