SB 573
Imposes a petroleum products surcharge and reduces the income tax rate
Sponsor:
LR Number:
3563S.02I
Committee:
Last Action:
2/13/2020 - SCS Voted Do Pass S Ways and Means Committee (3563S.03C)
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2020

Current Bill Summary

SCS/SB 573 - This act modifies several provisions relating to taxation.

INDIVIDUAL INCOME TAX

For all tax years beginning on or after January 1, 2021, this act reduces the top rate of tax by 0.3%, with an eventual top rate of tax of 4.8%. (Section 143.011)

PETROLEUM PRODUCTS SURCHARGE

Beginning January 1, 2021, this act imposes a surcharge on all motor fuel and alternative fuel imported or removed from this state, as described in the act. The surcharge shall be imposed at a rate of $210 per eight thousand gallons or the nearest power potential equivalent to that of regular grade gasoline, with such rate to increase over a period of four years until such rate is $480 per eight thousand gallons or the nearest power potential equivalent to that of regular grade gasoline for all years beginning on or after January 1, 2024.

All revenue generated by the assessment of such surcharges shall be deposited in the State Road Fund. (Section 414.162)

JOSH NORBERG

Amendments

No Amendments Found.