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HB 2540 - Amends Various Tax Laws - Missouri Key Vote

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Title: Amends Various Tax Laws

Vote Smart's Synopsis:

Vote to pass a bill that amends various tax laws.

Highlights:

 

  • Repeals the $8000 to $9000 and $9000 and above tax brackets for individual income tax, effective January 1, 2020 (Sec. A).

  • Establishes the Missouri Earned Income Tax Credit Act under which the tax credit will be administered and effectiveness studies will be carried out (Sec. A).

  • Authorizes eligible taxpayers to receive a tax credit equal to 20 percent of the amount the taxpayer would receive under the federal earned income tax credit (Sec. A).

  • Defines “eligible taxpayer” as a taxpayer filing under single, head of household, widowed, or married filing jointly who is also allowed a federal earned income tax credit (Sec. A).

  • Decreases the tax rate on corporate income from 6.25 percent to 5 percent effective January 1, 2020 (Sec. A).

  • Authorizes veterans with total disability related to service to deduct from state taxes the total income from student loan forgiveness programs included in federal adjusted gross income, effective January 1, 2020 (Sec. A).

  • Increases vehicle registration fee from $20 to $47 (Sec. A).

  • Requires fantasy sports operators with an income of at least $2 million for the previous year to pay an annual licensing fee of $5,000 (Sec. A).

  • Repeals the tax deduction for rent constituting property taxes accrued (Sec. A).

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