HB1341 Replaces the current income tax on individuals and corporations with a flat income tax.
Sponsor: Hanaway, Catherine L (87) Effective Date:00/00/0000
CoSponsor: LR Number: 3528L.01I
Last Action: 01/20/2000 - Referred: Ways and Means (H)
HB1341
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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BILL SUMMARIES

INTRODUCED

HB 1341 -- Income Tax:  Flat Tax Act

Sponsor:  Hanaway

This bill creates the Flat Tax Act.

The bill removes all deductions, credits, losses, adjustments,
or modifications that reduce the tax liability of a corporation
or individual.  The bill does allow adjustments for tax-free
bonds and railroad retirement benefits.

The tax rates for individual income taxpayers will be: 3% of
Missouri taxable income if federal adjusted gross is $20,000 or
less for a single taxpayer and $40,000 or less for married
taxpayers filing a combined return; 4% of Missouri taxable
income if federal adjusted gross is greater than $20,000 but
less than $60,000 for a single taxpayer and greater than $40,000
but less than $120,000 for married taxpayers filing a combined
return; and 5% of Missouri taxable income if federal adjusted
gross is greater than $60,000 for a single taxpayer and greater
than $120,000 for married taxpayers filing a combined return.

The tax rate for Missouri corporations will be 4% of Missouri
taxable income.

The bill will become effective January 1, 2002.


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Last Updated October 5, 2000 at 11:32 am