SPONSOR: Vernetti
Currently, the taxable income of corporations is equal to 4% of Missouri taxable income.
This bill phases out the Missouri state corporate income tax over a period of years using the following timetable:
(1) Beginning January 1, 2026, the taxable income of corporations will equal 3% of Missouri taxable income;
(2) Beginning January 1, 2027, the taxable income of corporations will equal 2% of Missouri taxable income;.
(3) Beginning January 1, 2028, the taxable income of corporations will equal 1% of Missouri taxable income; and
(4) For all tax years beginning on or after January 1, 2029, there shall be no tax imposed upon the Missouri taxable income of corporations.
Once the corporate tax is fully reduced and eliminated, no corporate income tax credits will be claimed. However, a corporate taxpayer may redeem a refundable tax credit properly claimed and issued before the corporate tax is eliminated.
This bill is the same as HB 2274 (2024) and similar to HB 660 (2023).
Statutes affected: