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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 a 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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