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| 2 | 2 | | FIRST REGULAR SESSION |
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| 3 | 3 | | SENATE BILL NO. 370 |
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| 4 | 4 | | 103RD GENERAL ASSEMBLY |
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| 5 | 5 | | INTRODUCED BY SENATOR MOON. |
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| 6 | 6 | | 1151S.01I KRISTINA MARTIN, Secretary |
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| 7 | 7 | | AN ACT |
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| 8 | 8 | | To repeal section 143.071, RSMo, and to enact in lieu thereof one new section relating to corporate |
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| 9 | 9 | | income taxes. |
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| 10 | 10 | | |
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| 11 | 11 | | Be it enacted by the General Assembly of the State of Missouri, as follows: |
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| 12 | 12 | | Section A. Section 143.071, RSMo, is repealed and one new 1 |
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| 13 | 13 | | section enacted in lieu thereof, to be known as section 143.071, 2 |
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| 14 | 14 | | to read as follows:3 |
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| 15 | 15 | | 143.071. 1. For all tax years beginning before 1 |
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| 16 | 16 | | September 1, 1993, a tax is hereby imposed upon the Missouri 2 |
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| 17 | 17 | | taxable income of corporations in an amount equal to five 3 |
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| 18 | 18 | | percent of Missouri taxable income. 4 |
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| 19 | 19 | | 2. For all tax years beginning on or after September 5 |
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| 20 | 20 | | 1, 1993, and ending on or before December 31, 2019, a tax is 6 |
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| 21 | 21 | | hereby imposed upon the Missouri taxable income of 7 |
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| 22 | 22 | | corporations in an amount equal to s ix and one-fourth 8 |
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| 23 | 23 | | percent of Missouri taxable income. 9 |
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| 24 | 24 | | 3. (1) For all tax years beginning on or after 10 |
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| 25 | 25 | | January 1, 2020, a tax is hereby imposed upon the Missouri 11 |
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| 26 | 26 | | taxable income of corporations in an amount equal to four 12 |
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| 27 | 27 | | percent of Missouri taxable income. 13 |
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| 28 | 28 | | (2) Beginning with the tax year beginning on or after 14 |
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| 29 | 29 | | January 1, 2026, the tax imposed upon the Missouri taxable 15 |
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| 30 | 30 | | income of corporations pursuant to subdivision (1) of this 16 |
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| 31 | 31 | | subsection shall be reduced over a period of years. Each 17 |
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| 32 | 32 | | reduction shall be by eight -tenths of a percent and no more 18 SB 370 2 |
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| 33 | 33 | | than one reduction shall be made in a calendar year. A 19 |
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| 34 | 34 | | reduction of tax rates under this subdivision shall only 20 |
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| 35 | 35 | | apply to tax years that begin on or after the date the 21 |
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| 36 | 36 | | reduction takes effect. For all tax years beginning on or 22 |
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| 37 | 37 | | after January 1, 2030, there shall be no tax imposed upon 23 |
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| 38 | 38 | | the Missouri taxable income of corporations. 24 |
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| 39 | 39 | | 4. The provisions of this section shall not apply to 25 |
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| 40 | 40 | | out-of-state businesses operating under sections 190.270 to 26 |
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| 41 | 41 | | 190.285. 27 |
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| 42 | 42 | | |
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