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Below is a snapshot of key features of Missouri's tax system. (Scroll Down)
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State & Local Revenue (FY10)
- General Revenue, Own-Source (GROS): $28.8 billion
- General Revenue as a Share of Income: 13.3%
- Tax Revenue: $19.0 billion
- Tax Revenue as Share of income: 8.8%
- Personal Income Tax (Share of Tax Revenue): 24.3% (16 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 1.4 % ( 43 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 37.7 % ( 16 out of 51)
- Property Tax (Share of Tax Revenue): 30.2 % ( 33 out of 51)
- Other Taxes (Share of Tax Revenue): 4.9 % (28 out of 51)
Personal Income Tax Features (2012)
- Range of Tax Rates: 1.5% - 6%
- Standard Deduction: $5,950 ($11,900 for Married Couples)
- Personal Exemption: $2,100 (Extra $1,400 for Head of Household Filers)
- Dependent Exemption: $1,200
- Earned Income Tax Credit (EITC): None
- Deduction for federal income taxes paid
Corporate Income Tax Features (2012)
- Range of Tax Rates: 6.25%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: No
- Apportionment Factor (Payroll): 0%
- Apportionment Factor (Property): 0%
- Apportionment Factor (Sales): 100%
- Apportionment Note: Corporations can elect to use equally weighted formula
Sales Tax Features (2012)
- State Sales Tax Rate: 4.225%
- Average Local Sales Tax Rate: 2.785%
- Average Combined State & Local Sales Tax Rate: 7.1%
- State Sales Tax Treatment of Groceries: 1.225%
- Local Sales Tax Treatment of Groceries: Taxed
- Number of Services Taxed: 26 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- Sales tax holiday offered in 2012
- Vendor Compensation available without ceiling
Property Tax Features (2012)
- Does not provide a meaningful homestead exemption or circuit breaker for non-elderly taxpayers.
- Levies a car tax.
Other Tax & Revenue Features (2012)
- Gasoline Tax Rate (per gallon): $0.173
- Diesel Tax Rate (per gallon): $0.173
- Cigarette Tax Rate (per pack): $0.17
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: $152
Tax Policy Oversight
- Tax Expenditure Report: Yes, but excludes at least one major tax
- Tax Incidence Analysis Capability: Multiple taxes
Last Updated October 4, 2012
Sources & Glossary
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