|SB 0380||Places pre-SB 380 (1993) income tax rate before the voters|
|Last Action:||03/02/95 - Voted Do Not Pass S Ways & Means Committee|
SB 380 - SB 380 (1993) was enacted after a Circuit Court found that Missouri's "foundation formula", its method of distributing state moneys to school districts, was unconstitutional. The act also contained a clause which was intended to place aspects of SB 380 before the voters if the Missouri Supreme Court did not affirm some part of the circuit court's decision. The Supreme Court remanded the case back to the Circuit Court without reaching a final decision when the case was appealed to it in 1994.
This act would place two major elements of SB 380 (1993)
before the voters if the Missouri Supreme Court does not affirm
the Circuit Court decision by July 1, 1996. Those elements are
school reforms, known as the Outstanding Schools Act, and changes
in income taxes made to fund the new SB 380 (1993) foundation
formula. These changes increased the corporate income tax rate
from 5% to 6% and limited the amount of federal income taxes
which individuals may deduct from their Missouri income tax
liability. The election would be held in November 1996.