HB1992 - INCOME TAX: FLAT TAX - Gibbons, Michael R.
HB1992 Imposes a flat rate individual income tax of four percent.
Sponsor: Gibbons, Michael R. (94) Effective Date:01/01/2001
CoSponsor: LR Number: 3570L.01I
Last Action: 02/17/2000 - Referred: Ways and Means (H)
HB1992
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Summaries for HB1992 Copyright(c)
* Introduced

Available Bill Text for HB1992
* Introduced *

BILL SUMMARIES

INTRODUCED

HB 1992 -- Income Tax:  Flat Tax

Sponsor:  Gibbons

This bill creates the Missouri Individual Income Flat Tax Act.
The act changes various provisions related to the calculation of
Missouri individual income tax.

The bill removes the current individual income tax rate table
which taxes incomes at higher percentages as incomes increase
and replaces it with a flat tax rate of 4%.

The bill also removes most additions and subtractions from
Missouri adjusted gross income and replaces them with a larger
personal deduction of $10,000 per taxpayer ($20,000 for a
combined return, $15,000 for a head of household return and
$20,000 for a surviving spouse return).  A taxpayer would
receive an additional deduction of $2,000 for each dependent
that a taxpayer is allowed to claim on the federal return.

The bill also provides for non-resident and partnership
allocation and computation of Missouri individual income tax
liability.

The bill will become effective January 1, 2001.


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