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2024 MO top income tax and wftc adjustments #5459

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Jan 16, 2025
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2024 MO top income tax and wftc adjustments #5459

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Missouri Top Income Tax Rate and Working Family Tax Credit Match Adju…
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Update policyengine_us/parameters/gov/states/mo/tax/income/credits/wf…
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Missouri Top Income Tax Rate and Working Family Tax Credit Match Adju…
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5 changes: 5 additions & 0 deletions changelog_entry.yaml
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@@ -0,0 +1,5 @@
- bump: minor
changes:
added:
- Missouri 2024 and 2025 top income tax rate.
- Missouri 2024 working family tax credit match.
7 changes: 5 additions & 2 deletions policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml
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@@ -1,10 +1,13 @@
description: Missouri's Working Families Tax Credit matches this percent of the federal EITC.
description: Missouri matches this percentage of the federal Earned Income Tax Credit under the Working Families Tax Credit.
values:
2023-01-01: 0.1
2024-01-01: 0.2
metadata:
unit: /1
label: Missouri EITC match
period: year
reference:
- title: 143.177. Missouri working family tax credit act
- title: 143.177. Missouri working family tax credit act (3)(2)
href: https://revisor.mo.gov/main/OneSection.aspx?section=143.177&bid=49978&hl=
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- title: Missouri Individual Income Tax Changes 2024
href: https://dor.mo.gov/taxation/individual/tax-types/income/year-changes/
2 changes: 1 addition & 1 deletion ...e_us/parameters/gov/states/mo/tax/income/deductions/mo_ss_or_ssd_deduction_allowance.yaml
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Expand Up @@ -12,7 +12,7 @@ SURVIVING_SPOUSE:
metadata:
unit: currency-USD
period: year
label: Missour social security or social security disability deduction allowance
label: Missouri social security or social security disability deduction allowance
reference:
- title: 2021 Form MO-1040 Individual Income Tax Long Form Instructions
href: https://dor.mo.gov/forms/MO-1040%20Instructions_2021.pdf#page=3
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2 changes: 1 addition & 1 deletion ..._us/parameters/gov/states/mo/tax/income/deductions/mo_ss_or_ssdi_exemption_threshold.yaml
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Expand Up @@ -12,7 +12,7 @@ SURVIVING_SPOUSE:
metadata:
unit: currency-USD
period: year
label: Missour social security or social security disability income exemption threshold
label: Missouri social security or social security disability income exemption threshold
reference:
- title: 2021 Form MO-1040 Individual Income Tax Long Form
href: https://dor.mo.gov/forms/MO-A_2021.pdf#page=3
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10 changes: 9 additions & 1 deletion policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml
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Expand Up @@ -93,7 +93,9 @@ brackets:
uprating: gov.irs.uprating
rate:
2019-01-01: 0.05
2023-01-01: 0.0495
2023-01-01: 0.0495
2024-01-01: 0.048
2025-01-01: 0.047
- threshold:
values:
2019-01-01: 8_424
Expand All @@ -108,6 +110,7 @@ brackets:
2022-01-01: 0.053
2023-01-01: 0.0495
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2024-01-01: 0.048
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2025-01-01: 0.047

metadata:
reference:
Expand All @@ -123,6 +126,11 @@ metadata:
href: https://revisor.mo.gov/main/OneSection.aspx?section=143.011&bid=51511&hl=
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Move this comment above line 125 (split at 79char):

We model rates through 2025 based on 143.011: initial 4.95% rate in 2023 (subsection 2(1)), 0.15% reduction to 4.8% in 2024 (subsection 3(1)), and first 0.1% reduction to 4.7% in 2025 (subsection 4(1)). We do not model potential further 0.1% reductions allowed in subsection 4 until revenue conditions are confirmed met.

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like this?

- title: 2024 Missouri Withholding Tax Formula
href: https://dor.mo.gov/forms/Withholding%20Formula_2024.pdf#page=2
- title: Missouri Individual Income Tax Changes 2024
href: https://dor.mo.gov/taxation/individual/tax-types/income/year-changes/
- title: 2025 Missouri Withholding Tax Formula
href: https://dor.mo.gov/forms/Withholding%20Table%20-%20Weekly_2025.pdf
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label: Missouri resident individual tax rates
type: marginal_rate
threshold_unit: currency-USD
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