Vote Smart's Synopsis:

Vote to override a veto of a bill that reduces personal and corporate tax rates and amends income tax deductions.

Highlights:

• Reduces the yearly income tax rate of an individual with taxable income exceeding $9,000 from 6 percent to the following (Sec. A):
• 5.95 percent for the first yearly phase January 1, 2014;
• 5.90 percent for the second yearly phase;
• 5.85 percent for the third yearly phase;
• 5.80 percent for the fourth yearly phase;
• 5.75 percent for the fifth yearly phase;
• 5.70 percent for the sixth yearly phase;
• 5.65 percent for the seventh yearly phase;
• 5.60 percent for the eighth yearly phase;
• 5.55 percent for the ninth yearly phase; and
• 5.50 percent for the tenth yearly phase.

• Reduces the yearly income tax rate of a corporation from 6.25 percent to the following (Sec. A): 
• 5.95 percent for the first yearly phase beginning January 1, 2014;
• 5.65 percent for the second yearly phase;
• 5.35 percent for the third yearly phase;
• 5.05 percent for the fourth yearly phase;
• 4.75 percent for the fifth yearly phase;
• 4.45 percent for the sixth yearly phase;
• 4.15 percent for the seventh yearly phase;
• 3.85 percent for the eighth yearly phase;
• 3.55 percent for the ninth yearly phase; and
• 3.25 percent for the tenth yearly phase.

• Requires the amount of general revenue collected in the previous fiscal year to exceed the highest general revenue collected in any of the 3 previous fiscal years by $100 million in order for the income tax rates for an individual or corporation to move to the next yearly phase as mentioned above (Sec. A).

• Increases the percentage of business income that can be deducted when determining Missouri adjusted gross income for an individual taxpayer (Sec. A):
• 10 percent for the tax year beginning on 01/01/2014;
• 20 percent for the tax year beginning on 01/01/2015;
• 30 percent for the tax year beginning on 01/01/2016;
• 40 percent for the tax year beginning on 01/01/2017; and
• 50 percent for all tax years beginning on 01/01/2018.

• Authorizes an individual with an adjusted gross income of less than $20,000 to deduct $2,000 in addition to the existing $2,100 deduction on personal income taxes for all tax years beginning after January 1, 2014 (Sec. A).

• Requires the state to grant amnesty to an individual for uncollected or unpaid sales or use tax to a seller who registers to pay or to collect and remit applicable sales or use tax for a period of 36 months following the effective date (Sec. A).

Full Bill Text

Vetoed by Governor Jay Nixon

Vote Smart's Synopsis:

Vote to repass a bill, after having concurred with Senate amendments thereto, that reduces personal and corporate tax rates and amends income tax deductions.

Highlights:

• Reduces the yearly income tax rate of an individual with taxable income exceeding $9,000 from 6 percent to the following (Sec. A):
• 5.95 percent for the first yearly phase January 1, 2014;
• 5.90 percent for the second yearly phase;
• 5.85 percent for the third yearly phase;
• 5.80 percent for the fourth yearly phase;
• 5.75 percent for the fifth yearly phase;
• 5.70 percent for the sixth yearly phase;
• 5.65 percent for the seventh yearly phase;
• 5.60 percent for the eighth yearly phase;
• 5.55 percent for the ninth yearly phase; and
• 5.50 percent for the tenth yearly phase.

• Reduces the yearly income tax rate of a corporation from 6.25 percent to the following (Sec. A): 
• 5.95 percent for the first yearly phase beginning January 1, 2014;
• 5.65 percent for the second yearly phase;
• 5.35 percent for the third yearly phase;
• 5.05 percent for the fourth yearly phase;
• 4.75 percent for the fifth yearly phase;
• 4.45 percent for the sixth yearly phase;
• 4.15 percent for the seventh yearly phase;
• 3.85 percent for the eighth yearly phase;
• 3.55 percent for the ninth yearly phase; and
• 3.25 percent for the tenth yearly phase.

• Requires the amount of general revenue collected in the previous fiscal year to exceed the highest general revenue collected in any of the 3 previous fiscal years by $100 million in order for the income tax rates for an individual or corporation to move to the next yearly phase as mentioned above (Sec. A).

• Increases the percentage of business income that can be deducted when determining Missouri adjusted gross income for an individual taxpayer (Sec. A):
• 10 percent for the tax year beginning on 01/01/2014;
• 20 percent for the tax year beginning on 01/01/2015;
• 30 percent for the tax year beginning on 01/01/2016;
• 40 percent for the tax year beginning on 01/01/2017; and
• 50 percent for all tax years beginning on 01/01/2018.

• Authorizes an individual with an adjusted gross income of less than $20,000 to deduct $2,000 in addition to the existing $2,100 deduction on personal income taxes for all tax years beginning after January 1, 2014 (Sec. A).

• Requires the state to grant amnesty to an individual for uncollected or unpaid sales or use tax to a seller who registers to pay or to collect and remit applicable sales or use tax for a period of 36 months following the effective date (Sec. A).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that reduces personal and corporate tax rates and amends income tax deductions.

Highlights:

• Reduces the yearly income tax rate of an individual with taxable income exceeding $9,000 from 6 percent to the following (Sec. A):
• 5.95 percent for the first yearly phase January 1, 2014;
• 5.90 percent for the second yearly phase;
• 5.85 percent for the third yearly phase;
• 5.80 percent for the fourth yearly phase;
• 5.75 percent for the fifth yearly phase;
• 5.70 percent for the sixth yearly phase;
• 5.65 percent for the seventh yearly phase;
• 5.60 percent for the eighth yearly phase;
• 5.55 percent for the ninth yearly phase; and
• 5.50 percent for the tenth yearly phase.

• Reduces the yearly income tax rate of a corporation from 6.25 percent to the following (Sec. A): 
• 5.95 percent for the first yearly phase beginning January 1, 2014;
• 5.65 percent for the second yearly phase;
• 5.35 percent for the third yearly phase;
• 5.05 percent for the fourth yearly phase;
• 4.75 percent for the fifth yearly phase;
• 4.45 percent for the sixth yearly phase;
• 4.15 percent for the seventh yearly phase;
• 3.85 percent for the eighth yearly phase;
• 3.55 percent for the ninth yearly phase; and
• 3.25 percent for the tenth yearly phase.

• Requires the amount of general revenue collected in the previous fiscal year to exceed the highest general revenue collected in any of the 3 previous fiscal years by $100 million in order for the income tax rates for an individual or corporation to move to the next yearly phase as mentioned above (Sec. A).

• Increases the percentage of business income that can be deducted when determining Missouri adjusted gross income for an individual taxpayer (Sec. A):
• 10 percent for the tax year beginning on 01/01/2014;
• 20 percent for the tax year beginning on 01/01/2015;
• 30 percent for the tax year beginning on 01/01/2016;
• 40 percent for the tax year beginning on 01/01/2017; and
• 50 percent for all tax years beginning on 01/01/2018.

• Authorizes an individual with an adjusted gross income of less than $20,000 to deduct $2,000 in addition to the existing $2,100 deduction on personal income taxes for all tax years beginning after January 1, 2014 (Sec. A).

• Requires the state to grant amnesty to an individual for uncollected or unpaid sales or use tax to a seller who registers to pay or to collect and remit applicable sales or use tax for a period of 36 months following the effective date (Sec. A).

Full Bill Text