Effective - 02 Jan 2023, 5 histories
143.011. Resident individuals — tax rates — rate reductions, when. — 1. A tax is hereby imposed for every taxable year on the Missouri taxable income of every resident. The tax shall be determined by applying the tax table or the rate provided in section 143.021, which is based upon the following rates:
2. (1) Notwithstanding the provisions of subsection 1 of this section to the contrary, beginning with the 2023 calendar year, the top rate of tax pursuant to subsection 1 of this section shall be four and ninety-five hundredths percent.
(2) The modification of tax rates made pursuant to this subsection shall apply only to tax years that begin on or after January 1, 2023.
(3) The director of the department of revenue shall, by rule, adjust the tax table provided in subsection 1 of this section to effectuate the provisions of this subsection. The top remaining rate of tax shall apply to all income in excess of seven thousand dollars, as adjusted pursuant to subsection 5 of this section.
3. (1) In addition to the rate reduction under subsection 2 of this section, beginning with the 2024 calendar year, the top rate of tax under subsection 1 of this section may be reduced by fifteen hundredths of a percent. A reduction in the rate of tax shall take effect on January first of a calendar year and such reduced rates shall continue in effect until the next reduction occurs.
(2) A reduction in the rate of tax shall only occur if the amount of net general revenue collected in the previous fiscal year exceeds the highest amount of net general revenue collected in any of the three fiscal years prior to such fiscal year by at least one hundred seventy-five million dollars.
(3) Any modification of tax rates under this subsection shall only apply to tax years that begin on or after a modification takes effect.
(4) The director of the department of revenue shall, by rule, adjust the tax tables under subsection 1 of this section to effectuate the provisions of this subsection.
4. (1) In addition to the rate reductions under subsections 2 and 3 of this section, beginning with the calendar year immediately following the calendar year in which a reduction is made pursuant to subsection 3 of this section, the top rate of tax under subsection 1 of this section may be further reduced over a period of years. Each reduction in the top rate of tax shall be by one-tenth of a percent and no more than one reduction shall occur in a calendar year. No more than three reductions shall be made under this subsection. Reductions in the rate of tax shall take effect on January first of a calendar year and such reduced rates shall continue in effect until the next reduction occurs.
(2) (a) A reduction in the rate of tax shall only occur if:
a. The amount of net general revenue collected in the previous fiscal year exceeds the highest amount of net general revenue collected in any of the three fiscal years prior to such fiscal year by at least two hundred million dollars; and
b. The amount of net general revenue collected in the previous fiscal year exceeds the amount of net general revenue collected in the fiscal year five years prior, adjusted annually by the percentage increase in inflation over the preceding five fiscal years.
(b) The amount of net general revenue collected required by subparagraph a. of paragraph (a) of this subdivision in order to make a reduction pursuant to this subsection shall be adjusted annually by the percent increase in inflation beginning with January 2, 2023.
(3) Any modification of tax rates under this subsection shall only apply to tax years that begin on or after a modification takes effect.
(4) The director of the department of revenue shall, by rule, adjust the tax tables under subsection 1 of this section to effectuate the provisions of this subsection. The bracket for income subject to the top rate of tax shall be eliminated once the top rate of tax has been reduced below the rate applicable to such bracket, and the top remaining rate of tax shall apply to all income in excess of the income in the second highest remaining income bracket.
5. Beginning with the 2017 calendar year, the brackets of Missouri taxable income identified in subsection 1 of this section shall be adjusted annually by the percent increase in inflation. The director shall publish such brackets annually beginning on or after October 1, 2016. Modifications to the brackets shall take effect on January first of each calendar year and shall apply to tax years beginning on or after the effective date of the new brackets.
6. As used in this section, the following terms mean:
(1) "CPI", the Consumer Price Index for All Urban Consumers for the United States as reported by the Bureau of Labor Statistics, or its successor index;
(2) "CPI for the preceding calendar year", the average of the CPI as of the close of the twelve-month period ending on August thirty-first of such calendar year;
(3) "Net general revenue collected", all revenue deposited into the general revenue fund, less refunds and revenues originally deposited into the general revenue fund but designated by law for a specific distribution or transfer to another state fund;
(4) "Percent increase in inflation", the percentage, if any, by which the CPI for the preceding calendar year exceeds the CPI for the year beginning September 1, 2014, and ending August 31, 2015.
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(L. 1972 S.B. 549, A.L. 2014 S.B. 509 & 496, A.L. 2018 S.B. 884, A.L. 2018 H.B. 2540 merged with S.B. 884, A.L. 2021 S.B. 153 & 97, A.L. 2022 1st Ex. Sess. S.B. 3 & 5)
Effective 1-02-23
Structure Missouri Revised Statutes
Title X - Taxation and Revenue
Section 143.005 - Sections 143.181 and 143.471 effective date.
Section 143.009 - Effective date.
Section 143.011 - Resident individuals — tax rates — rate reductions, when.
Section 143.021 - Tax determined by rates in section 143.011 — no tax on taxable income, when.
Section 143.031 - Combined return of husband and wife.
Section 143.051 - Part-year resident.
Section 143.061 - Fiduciaries.
Section 143.071 - Corporations — inapplicable to out-of-state businesses, when.
Section 143.081 - Credit for income tax paid to another state.
Section 143.091 - Meaning of terms.
Section 143.101 - Definitions.
Section 143.111 - Missouri taxable income.
Section 143.113 - Deduction for health insurance costs of self-employed individuals, rules.
Section 143.118 - Health care sharing ministry deduction — rulemaking authority.
Section 143.121 - Missouri adjusted gross income.
Section 143.125 - Social Security benefits income tax exemption — amount — rulemaking authority.
Section 143.131 - Missouri standard deduction, when used, amount.
Section 143.141 - Itemized deductions, when authorized, how computed.
Section 143.143 - Provisions of sections 143.131 and 143.141 effective, when.
Section 143.151 - Missouri personal exemptions.
Section 143.161 - Missouri dependency exemptions.
Section 143.171 - Federal income tax deduction, amount, corporate and individual taxpayers.
Section 143.174 - Tax deduction for compensation received as an active duty military member.
Section 143.175 - Military personnel, reserves and inactive duty training, deduction, amount.
Section 143.181 - Missouri nonresident adjusted gross income.
Section 143.201 - Information statement for employee.
Section 143.211 - Credit for tax withheld.
Section 143.221 - Employer's return and payment of tax withheld.
Section 143.251 - Employer's failure to withhold.
Section 143.261 - Compensation.
Section 143.265 - Retirement income, withholding authorized, when.
Section 143.271 - Period for computation of taxable income.
Section 143.281 - Methods of accounting.
Section 143.291 - Adjustments.
Section 143.301 - Transitional adjustments.
Section 143.311 - Missouri taxable income and tax.
Section 143.321 - Exempt associations, trusts, and organizations.
Section 143.331 - Resident estate or trust defined.
Section 143.341 - Missouri taxable income of resident estate or trust.
Section 143.351 - Fiduciary adjustment.
Section 143.361 - Credit for income tax paid to another state.
Section 143.371 - Nonresident estate or trust defined.
Section 143.381 - Missouri taxable income of nonresident estate or trust.
Section 143.401 - General treatment of partners and partnerships.
Section 143.421 - Nonresident partner — adjusted gross income from Missouri sources.
Section 143.431 - Missouri taxable income and tax.
Section 143.433 - No corporate income tax return or other document filing required, when.
Section 143.441 - Corporation defined — corporate tax inapplicable, when.
Section 143.461 - Elective division of income.
Section 143.481 - Persons required to make returns of income.
Section 143.491 - Returns by husband and wife.
Section 143.501 - Returns by fiduciary and partnership.
Section 143.511 - Time and place for filing returns and paying tax, exception.
Section 143.521 - Declarations of estimated tax.
Section 143.531 - Time for filing declaration of estimated tax.
Section 143.541 - Payments of estimated tax.
Section 143.551 - Extension of time for filing and payment.
Section 143.561 - Signing of returns and other documents.
Section 143.571 - Requirements — returns, notices, records, and statements.
Section 143.581 - Partnership returns.
Section 143.591 - Information returns.
Section 143.601 - Report of change in federal taxable income.
Section 143.611 - Examination of return.
Section 143.621 - Assessment final if no protest.
Section 143.641 - Notice of determination after protest.
Section 143.651 - Action of director of revenue final — review.
Section 143.661 - Burden of proof on taxpayer, exceptions.
Section 143.671 - Evidence of related federal determination admissible, when.
Section 143.681 - Mathematical error.
Section 143.691 - Waiver of restriction.
Section 143.701 - Assessment of tax.
Section 143.711 - Limitations on assessment.
Section 143.721 - Recovery of erroneous refund.
Section 143.731 - Interest on underpayments.
Section 143.741 - Failure to file tax returns.
Section 143.751 - Failure to pay tax.
Section 143.761 - Failure to pay estimated income tax.
Section 143.771 - Additions treated as tax.
Section 143.773 - Penalty for filing incomplete or misleading return — procedure.
Section 143.782 - Definitions.
Section 143.787 - Director's duties, forms — rules and regulations, procedure.
Section 143.801 - Limitations on credit or refund.
Section 143.811 - Interest on overpayment.
Section 143.821 - Refund claim.
Section 143.831 - Notice of director's action.
Section 143.841 - Protest of denied claim.
Section 143.851 - Timely mailing.
Section 143.861 - Collection procedures.
Section 143.871 - Income tax claim of other states.
Section 143.881 - Transferees.
Section 143.891 - Jeopardy assessments.
Section 143.901 - Bankruptcy or receivership, claims for deficiency.
Section 143.911 - Attempt to evade or defeat tax, penalty.
Section 143.921 - Failure to collect or pay over tax, penalty.
Section 143.931 - Failure to file return, supply information, pay tax, penalty.
Section 143.941 - False statements, penalty.
Section 143.946 - Prior conviction, effect of.
Section 143.951 - Limitations.
Section 143.961 - Rules and regulations.
Section 143.971 - Returns and forms.
Section 143.986 - Closing agreements.
Section 143.991 - Armed Forces relief provision — Christopher J. Bosche memorial act.
Section 143.996 - Prohibition of legislator representation.
Section 143.998 - Tax return to contain number assigned by director to school district.
Section 143.1000 - Funding — income tax refund, designating authorized amount, when — contributions.
Section 143.1004 - Tax refund may be designated to the Missouri military family relief fund.
Section 143.1006 - Childhood lead testing fund — refund donation designation.
Section 143.1016 - Organ Donor Program fund, designation of refund permitted — director's duties.
Section 143.1020 - Designation of state tax refund to general revenue — transfer of contributions.
Section 143.1029 - Soldiers Memorial Military Museum in St. Louis Fund tax refund designation.
Section 143.1032 - Missouri medal of honor fund tax refund designation.
Section 143.2100 - Definitions — report, contents — rulemaking authority.
Section 143.2110 - Income tax deduction for cargo — amount, claiming procedure.