SB 4 Increases the amount of the personal income tax cut and the business income deduction in current law
Sponsor: Schmitt
LR Number: 0293S.01I Fiscal Notes
Committee: Ways and Means
Last Action: 2/12/2015 - Hearing Conducted S Ways and Means Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2015

Full Bill Text | All Actions | Amendments/CCRs/CCSs | Available Summaries | Senate Home Page | List of 2015 Senate Bills

Current Bill Summary


SB 4 - Currently, the top rate of tax on personal income is being reduced over a period of years. Each year that a general revenue growth trigger is met, the top rate will be reduced by 0.1%. The top rate will continue to be reduced until the it is lowered from 6% to 5.5%. This act increases the amount in which the top rate will be reduced. Each year the trigger is met, the top rate will be reduced by 0.2%. The top rate will continue to be reduced until it is lowered to 5%.

Currently, a business income deduction is being phased in over a period of years. Each year that a general revenue growth trigger is met, the deduction amount is increased by 5%. Once fully phased in, individual taxpayers may deduct up to 25% of their business income. This act increases the amount that may be deducted. Each year that the trigger is met, the deduction amount will be increased by 10%. Once fully phased in, individual taxpayers may deduct up to 50% of their business income.

MIKE HAMMANN