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Key Votes

HB 1295 - Reduces Income Tax Rates - Key Vote

Missouri Key Votes

Jim Neely voted Yea (Passage) on this Legislation.

Read statements Jim Neely made in this general time period.

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Issues

Stage Details

Legislation - Bill Passed (House) (106-47) - (Key vote)

Title: Reduces Income Tax Rates

Vote Smart's Synopsis:

Vote to pass a bill that reduces individual income tax rates.

Highlights:
  • Requires an individual’s Missouri adjusted gross income to be calculated by subtracting a percentage of the individual’s “business income” from the federal adjusted gross income for tax years beginning on or after January 1, 2015 (Sec. A).
  • Defines “business income” as net profit from a sole proprietorship, S corporation, or partnership, but does not include compensation from an employer, income from a farm or ranch, or “guaranteed payments” as defined by the Internal Revenue Service (Sec. A).
  • Increases the percentage of business income an individual may subtract from his or her Missouri adjusted gross income by 10 percent each calendar year if the net general revenue collected in the previous fiscal year exceeds the highest amount of net general revenue collected in any of the 3 prior to such fiscal year by at least $100 million (Sec. A).
  • Requires an increase in the percentage of business income that may be subtracted from an individual’s Missouri adjusted gross income to be in effect on or after January 1 of the calendar year and continue in effect until the next percentage increase occurs (Sec. A).
  • Prohibits an individual from subtracting more than 50 percent of their business income from his or her adjusted gross income for state tax purposes (Sec. A).  
  • Authorizes the Director of the Department of Revenue to reduce the income tax rate of 6 percent in increments of 0.1 percent per calendar year, until the tax rate reaches a rate of 5.3 percent, beginning on or after January 1, 2015 (Sec. A).
  • Requires the amount of net general revenue collected in the previous fiscal year to exceed the highest amount of net general revenue collected in any of the 3 previous fiscal years by at least $150 million for a reduction in that income tax rate to occur (Sec. A).
  • Requires the Director of the Department of Revenue to eliminate the bracket for income over $9,000 once the top rate of tax has been reduced to 5.5 percent (Sec. A).
  • Requires a reduction in the rate of tax to take effect on January 1 of a tax year and continue in effect until the next reduction occurs (Sec. A).
  • Requires the following appropriations from the $150 million or more of net general revenue growth if a reduction in the tax rate occurs (Sec. A):
    • 40 percent of the net revenue growth to the school district trust fund;
    • 20 percent of the net revenue growth to support higher education, unless the foundation formula is fully funded; or 
    • All remaining revenue to the general revenue fund, if the foundation formula becomes fully funded.
Legislation - Introduced (House) -

Title: Reduces Income Tax Rates

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