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SB 3 - Current law provides for reductions to the top rate of income tax to an eventual rate of 4.8% over a period of years, contingent on meeting certain net general revenue collection triggers. This act adds three additional potential reductions in the top rate of tax to an eventual rate of 4.5%. Such additional reductions shall only be effective if the amount of net general revenue collected in the previous fiscal year exceeds the highest amount of net general revenue collected in any of the three fiscal years prior to such fiscal year by at least $250 million. Beginning in the first calendar year in which a reduction is made pursuant to this act, the amount of net general revenue collected required to reduce the top rate of tax shall be adjusted annually by the percent increase in inflation. (Section 143.011) This act also authorizes a one-time tax credit for the 2021 tax year. Such tax credit shall be $325 for taxpayers filing single, married filing separately, or head of household, and with a Missouri adjusted gross income of less than $150,000. The tax credit shall be $650 for taxpayers filing married filing jointly and with a Missouri adjusted gross income of less than $300,000. The tax credit shall be considered a refund of an overpayment of tax, and the Department of Revenue shall automatically apply such tax credit to a taxpayer's tax liability and remit a refund to a taxpayer no later than December 1, 2022. This provision shall expire on December 31, 2023. (Section 143.803) This act contains an emergency clause. JOSH NORBERG
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