| SB 1153 | Creates a flat tax on individual income |
| Sponsor: | Gibbons | |||
| 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: | ||
| Title: | ||||
| Effective Date: | Janaury 1, 2003 | |||
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.
JEFF CRAVER