SB 1153 Creates a flat tax on individual income
LR Number:4656S.02I Fiscal Note:4656-02
Committee:Ways and Means
Last Action:03/05/02 - Hearing Conducted S Ways & Means Committee Journal page:
Effective Date:Janaury 1, 2003
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Current Bill Summary

SB 1153 - This act creates the Missouri Individual Income Flat Tax Act. The act creates a flat tax on individual income of natural persons at a rate of four percent. The act also replaces most additions and subtractions from Missouri adjusted gross income with a larger personal deduction of $10,000 per taxpayer ($20,000 for a combined return, $15,000 for a head of household return and $20,000 for a surviving spouse return). The act provides both non-resident and partnership allocation and computation of Missouri individual income tax liability.