SB 1029 - This act phases out the corporate income tax over a period of years beginning with the 2025 tax year. Each annual reduction in the tax rate shall be by 0.8%, and beginning with the 2029 tax year there shall be no income tax on corporate income.

This act is similar to SB 823 (2024), HB 2274 (2024), SS/SCS/SBs 93 & 135 (2023), HB 1131 (2023), SB 701 (2022) , SB 393 (2021), and HB 2239 (2020), and to a provision in HCS/SS/SB 23 (2023), HCS/SS#3/SCS/SB 131 (2023), HCS/SS/SCS/SB 133 (2023), HCS/SS/SB 143 (2023), SCS/HCS#2/HB 713 (2023), HCS/HBs 816 & 660 (2023), and SB 18 (2022 First Extraordinary Session).

JOSH NORBERG

Statutes affected:
Introduced (4090S.01): 143.071

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Senate Committee Minutes:
SENATE COMMITTEE MINUTES Bill No.: SB 1029
Sponsor: Moon
Hearing Date: 3/4/2024


COMMITTEE: Economic Development and Tax Policy

CHAIRMAN: Brown (26)

DATE REFERRED: 1/25/2024 DATE HEARING REQUESTED: 3/1/2024



STAFF:
Mary Beth Bruns
Frank Catanzaro
Josh Norberg


WITNESSES GIVING INFORMATION:



WITNESSES FOR:
Chuck Pierce - Associated Industries of Missouri
Phillip Arnzen - Missour Chamber of Commerce


WITNESSES AGAINST:
Otto Fajen - Missouri NEA
Jeremy LaFaver - Missouri Budget Project