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SB 1029

Summary of SB 1029

SB 1029 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 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).

(Summary by JOSH NORBERG)

Bill Sponsor: Mike Moon

Proposed Effective Date: August 28th, 2024

Last Action: Placed on the formal calander for perfection on April 22, 2024.

Vote Result: No results published

Next Action: Consider by full Senate for Perfection

Act4MO.org Position: Act4mo.org supports SB 1029

SB-1029-introducedDownload
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About Act for Missouri

Act for Missouri is an online resource for Missouri Conservatives who are looking for information on how they can get involved. This resource is for Missourians who:

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