SB 509 - Reduces State Income Tax Rates - Missouri Key Vote
done
Sandy Crawford voted Yea (Override of Veto) on this Legislation.
Timeline
- House Veto Override Passed
- May 6, 2014
- Senate Veto Override Passed
- May 5, 2014
- Executive Vetoed
- May 1, 2014
- House Bill Passed
- April 16, 2014
- Senate Bill Passed
- April 1, 2014
- Introduced
- Dec. 1, 2013
Related Issues
Stage Details
See How Your Politicians Voted
Title: Reduces State Income Tax Rates
Vote Smart's Synopsis:
Vote to override a veto of a bill that reduces state income tax rates.
Highlights:
- Reduces the top income tax rate from 6 percent to 5.5 percent by 0.1 percent annually, beginning January 1, 2017 (Sec. A).
- Prohibits a reduction in the top income tax rate from being implemented if the net general revenue collected in the previous fiscal year does not exceed the highest amount of net general revenue collected in any of the 3 previous fiscal years by at least $150 million (Sec. A).
- Authorizes an individual to deduct a percentage of his or her business income from his or her individual gross income by 5 percent annually to a maximum threshold of 25 percent, beginning January 1, 2017 (Sec. A).
- Prohibits a percentage of business income from being subtracted if the net general revenue collected in the previous fiscal year does not exceed the highest amount of net general revenue collected in any of the 3 previous fiscal years by at least $150 million (Sec. A).
- Authorizes the following tax deductions for residents with a Missouri adjusted gross income of less than $20,000 in all taxable years, beginning January 1, 2017 (Sec. A):
- An additional tax deduction of $500 for an individual; and
- An additional tax deduction of $500 for his or her spouse, provided his or her Missouri adjusted gross income is also less than $20,000.
- Requires the Director of the Department of Revenue to adjust the taxable income brackets for inflation, beginning January 1, 2017 (Sec. A).
See How Your Politicians Voted
Title: Reduces State Income Tax Rates
Vote Smart's Synopsis:
Vote to override a veto of a bill that reduces state income tax rates.
Highlights:
- Reduces the top income tax rate from 6 percent to 5.5 percent by 0.1 percent annually, beginning January 1, 2017 (Sec. A).
- Prohibits a reduction in the top income tax rate from being implemented if the net general revenue collected in the previous fiscal year does not exceed the highest amount of net general revenue collected in any of the 3 previous fiscal years by at least $150 million (Sec. A).
- Authorizes an individual to deduct a percentage of his or her business income from his or her individual gross income by 5 percent annually to a maximum threshold of 25 percent, beginning January 1, 2017 (Sec. A).
- Prohibits a percentage of business income from being subtracted if the net general revenue collected in the previous fiscal year does not exceed the highest amount of net general revenue collected in any of the 3 previous fiscal years by at least $150 million (Sec. A).
- Authorizes the following tax deductions for residents with a Missouri adjusted gross income of less than $20,000 in all taxable years, beginning January 1, 2017 (Sec. A):
- An additional tax deduction of $500 for an individual; and
- An additional tax deduction of $500 for his or her spouse, provided his or her Missouri adjusted gross income is also less than $20,000.
- Requires the Director of the Department of Revenue to adjust the taxable income brackets for inflation, beginning January 1, 2017 (Sec. A).
Title: Reduces State Income Tax Rates
See How Your Politicians Voted
Title: Reduces State Income Tax Rates
Vote Smart's Synopsis:
Vote to pass a bill that reduces the state income tax rate.
Highlights:
- Reduces the top income tax rate from 6 percent to 5.5 percent by 0.1 percent annually, beginning January 1, 2017 (Sec. A).
- Prohibits a reduction in the top income tax rate from being implemented if the net general revenue collected in the previous fiscal year does not exceed the highest amount of net general revenue collected in any of the 3 previous fiscal years by at least $150 million (Sec. A).
- Authorizes an individual to deduct a percentage of his or her business income from his or her individual gross income by 5 percent annually to a maximum threshold of 25 percent, beginning January 1, 2017 (Sec. A).
- Prohibits a percentage of business income from being subtracted if the net general revenue collected in the previous fiscal year does not exceed the highest amount of net general revenue collected in any of the 3 previous fiscal years by at least $150 million (Sec. A).
- Authorizes the following tax deductions for residents with a Missouri adjusted gross income of less than $20,000 in all taxable years, beginning January 1, 2017 (Sec. A):
- An additional tax deduction of $500 for an individual; and
- An additional tax deduction of $500 for his or her spouse, provided his or her Missouri adjusted gross income is also less than $20,000.
- Requires the Director of the Department of Revenue to adjust the taxable income brackets for inflation, beginning January 1, 2017 (Sec. A).
See How Your Politicians Voted
Title: Reduces State Income Tax Rates
Vote Smart's Synopsis:
Vote to pass a bill that reduces the state income tax rate.
Highlights:
- Reduces the top income tax rate from 6 percent to 5.5 percent by 0.1 percent annually, beginning January 1, 2017 (Sec. A).
- Prohibits a reduction in the top income tax rate from being implemented if the net general revenue collected in the previous fiscal year does not exceed the highest amount of net general revenue collected in any of the 3 previous fiscal years by at least $150 million (Sec. A).
- Authorizes an individual to deduct a percentage of his or her business income from his or her individual gross income by 5 percent annually to a maximum threshold of 25 percent, beginning January 1, 2017 (Sec. A).
- Prohibits a percentage of business income from being subtracted if the net general revenue collected in the previous fiscal year does not exceed the highest amount of net general revenue collected in any of the 3 previous fiscal years by at least $150 million (Sec. A).
- Authorizes the following tax deductions for residents with a Missouri adjusted gross income of less than $20,000 in all taxable years, beginning January 1, 2017 (Sec. A):
- An additional tax deduction of $500 for an individual; and
- An additional tax deduction of $500 for his or her spouse, provided his or her Missouri adjusted gross income is also less than $20,000.
- Requires the Director of the Department of Revenue to adjust the taxable income brackets for inflation, beginning January 1, 2017 (Sec. A).
Title: Reduces State Income Tax Rates