Fact Sheet on HB64 Income Tax Proposal
reportMissouri House Bill 64 would change the state’s personal income tax in three important ways:
• Expand the starting point for the 6 percent top income tax bracket from $9,000 to $50,000 of taxable income.
• Increase the deduction for federal income taxes paid from $10,000 for married couples($5,000 for single filers) to $15,000 for married couples ($7,500 for singles).
• Increase the per-dependent exemption from $1,200 to $1,600.