SB 370 - This act phases out the corporate income tax over a period of years beginning with the 2026 tax year. Each annual reduction in the tax rate shall be by 0.8%, and beginning with the 2030 tax year there shall be no income tax on corporate income.

This act is identical to SB 1029 (2024) and 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 (1151S.01): 143.071

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Senate Committee Minutes:
SENATE COMMITTEE MINUTES Bill No.: SB 370
Sponsor: Moon
Hearing Date: 3/12/2025


COMMITTEE: Economic and Workforce Development

CHAIRMAN: Brown (26)

DATE REFERRED: 2/17/2025 DATE HEARING REQUESTED:



STAFF:
Mary Beth Bruns
Frank Catanzaro
Josh Norberg


WITNESSES GIVING INFORMATION:



WITNESSES FOR:
Byron Keelin - Freedom Principle Missouri
Luke Reed - Missouri Chamber of Commerce
Matt Smith - Associated Industries of Missouri


WITNESSES AGAINST:
Jeremy LaFaver - Missouri Budget Project