HB 1992 -- Income Tax: Flat Tax
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
The bill will become effective January 1, 2001.
Missouri House of Representatives' Home Page
Last Updated October 5, 2000 at 11:35 am