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 substantially similar to HCS/HB 425 (2025), 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 SCS/SBs 151 et al. (2025), HCS/HB 798 (2025), HB 814 (2025), 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

---

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