SB 220 - Currently, there is an excise tax on cigarettes of seventeen cents per pack. This act increases the tax to twenty-two cents per pack beginning January 1, 2015, twenty-seven cents per pack beginning January 1, 2017, and thirty cents per pack beginning January 1, 2019. The increases in the excise tax shall not apply to the cigarette inventory in the possession of retailers and wholesalers on the day before a tax increase goes into effect.
The Department of Revenue is required to quit collecting the additional tax amounts if a tax or fee increase appears on a local or statewide ballot or if any provision of the act is ruled null and void.
The act modifies the tax rates for personal income tax. The first two thousand dollars of Missouri adjusted gross income will be exempt from income tax. The tax rates on other levels of income are reduced.
This act has a referendum clause.