SB 573 - Eigel, Bill
Imposes a petroleum products surcharge and reduces the income tax rate
Bill Details
Sponsor
LR Number
3563S.02I
Title
SB 573
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2020
Committee
Current Status
SCS Voted Do Pass S Ways and Means Committee (3563S.03C)
Quick Links
Amendments
No amendments available
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