SJR 74 - Beck, Doug
Modifies provisions relating to income taxes
Bill Details
Sponsor
LR Number
3874S.02I
Title
SJR 74
House Handler
N/A
Journal Page
Effective Date
Upon voter approval
Committee
Current Status
Second Read and Referred S Economic and Workforce Development Committee
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SJR 74 - This constitutional amendment, if approved by the voters, provides that, in the event that the General Assembly reduces the rate of income tax for state purposes below the rate of 4.5%, every county in the state shall be authorized to impose an income tax on the residents of such county, provided that the total combined rate of such tax and the state income tax does not exceed 4.5%
The taxable income for the purposes of the county income tax shall be a taxpayer's Missouri taxable income for state purposes, and the Department of Revenue shall perform all functions incident to the administration, collection, enforcement, and operation of the tax.
All taxes collected pursuant to this amendment shall be deposited in the "County Income Tax Trust Fund" and shall be considered nonstate funds, but shall not commingled with any funds of the state or be subject to appropriation by the General Assembly.
JOSH NORBERG