From 87a103f4309f817c060a2b8a2e6370ee45d191c4 Mon Sep 17 00:00:00 2001 From: David Trimmer Date: Wed, 8 Jan 2025 17:08:25 -0500 Subject: [PATCH 01/15] Missouri Top Income Tax Rate and Working Family Tax Credit Match Adjustments Fixes #5458 --- changelog_entry.yaml | 4 +++- .../gov/states/mo/tax/income/credits/wftc/match.yaml | 3 +++ .../deductions/mo_ss_or_ssd_deduction_allowance.yaml | 2 +- .../deductions/mo_ss_or_ssdi_exemption_threshold.yaml | 2 +- .../parameters/gov/states/mo/tax/income/rates.yaml | 10 +++++++++- 5 files changed, 17 insertions(+), 4 deletions(-) diff --git a/changelog_entry.yaml b/changelog_entry.yaml index 6c6eb9ce012..597784e8e5a 100644 --- a/changelog_entry.yaml +++ b/changelog_entry.yaml @@ -1,4 +1,6 @@ - bump: minor changes: added: - - State-level variables in taxsim. + - MO top income tax rate 2024 and 2025 + - MO working family tax credit match 2024 + - label fix for ss and ssd deduction parameters diff --git a/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml b/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml index f4d8b60a764..6e9ccc54ae7 100644 --- a/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml +++ b/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml @@ -1,6 +1,7 @@ description: Missouri's Working Families Tax Credit matches this percent of the federal EITC. values: 2023-01-01: 0.1 + 2024-01-01: 0.2 metadata: unit: /1 label: Missouri EITC match @@ -8,3 +9,5 @@ metadata: reference: - title: 143.177. Missouri working family tax credit act href: https://revisor.mo.gov/main/OneSection.aspx?section=143.177&bid=49978&hl= + - title: Missouri Individual Income Tax Changes 2024 + href: https://dor.mo.gov/taxation/individual/tax-types/income/year-changes/ \ No newline at end of file diff --git a/policyengine_us/parameters/gov/states/mo/tax/income/deductions/mo_ss_or_ssd_deduction_allowance.yaml b/policyengine_us/parameters/gov/states/mo/tax/income/deductions/mo_ss_or_ssd_deduction_allowance.yaml index f172b0ac6ee..2ee0fd8eb03 100644 --- a/policyengine_us/parameters/gov/states/mo/tax/income/deductions/mo_ss_or_ssd_deduction_allowance.yaml +++ b/policyengine_us/parameters/gov/states/mo/tax/income/deductions/mo_ss_or_ssd_deduction_allowance.yaml @@ -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 diff --git a/policyengine_us/parameters/gov/states/mo/tax/income/deductions/mo_ss_or_ssdi_exemption_threshold.yaml b/policyengine_us/parameters/gov/states/mo/tax/income/deductions/mo_ss_or_ssdi_exemption_threshold.yaml index 576248eda58..bd3e7e385a3 100644 --- a/policyengine_us/parameters/gov/states/mo/tax/income/deductions/mo_ss_or_ssdi_exemption_threshold.yaml +++ b/policyengine_us/parameters/gov/states/mo/tax/income/deductions/mo_ss_or_ssdi_exemption_threshold.yaml @@ -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 diff --git a/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml b/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml index b928d9a59d5..91b282c830b 100644 --- a/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml +++ b/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml @@ -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 @@ -108,6 +110,7 @@ brackets: 2022-01-01: 0.053 2023-01-01: 0.0495 2024-01-01: 0.048 + 2025-01-01: 0.047 metadata: reference: @@ -123,6 +126,11 @@ metadata: href: https://revisor.mo.gov/main/OneSection.aspx?section=143.011&bid=51511&hl= - 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: Governor Parson Announces Historic Fifth Income Tax Cut During His Administration + href: https://governor.mo.gov/press-releases/archive/governor-parson-announces-historic-fifth-income-tax-cut-during-his + label: Missouri resident individual tax rates type: marginal_rate threshold_unit: currency-USD From 26d1947e677559ecead902fafe618a61d369732a Mon Sep 17 00:00:00 2001 From: David Trimmer Date: Wed, 8 Jan 2025 18:03:25 -0500 Subject: [PATCH 02/15] Update policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml Co-authored-by: Max Ghenis --- .../parameters/gov/states/mo/tax/income/credits/wftc/match.yaml | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml b/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml index 6e9ccc54ae7..c5fa92624a6 100644 --- a/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml +++ b/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml @@ -1,4 +1,4 @@ -description: Missouri's Working Families Tax Credit matches this percent of the federal EITC. +description: Missouri's Working Families Tax Credit matches this percent of the federal Earned Income Tax Credit. values: 2023-01-01: 0.1 2024-01-01: 0.2 From 709bbbde3f476c3cd899df781f7f9e806982e5ea Mon Sep 17 00:00:00 2001 From: David Trimmer Date: Wed, 8 Jan 2025 18:03:33 -0500 Subject: [PATCH 03/15] Update changelog_entry.yaml Co-authored-by: Max Ghenis --- changelog_entry.yaml | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/changelog_entry.yaml b/changelog_entry.yaml index 597784e8e5a..93259088609 100644 --- a/changelog_entry.yaml +++ b/changelog_entry.yaml @@ -1,6 +1,6 @@ - bump: minor changes: added: - - MO top income tax rate 2024 and 2025 + - Missouri top income tax rate 2024 and 2025. - MO working family tax credit match 2024 - label fix for ss and ssd deduction parameters From d1e3a193f0dd1c9e27de555f6133077a5d6c13ad Mon Sep 17 00:00:00 2001 From: David Trimmer Date: Wed, 8 Jan 2025 18:03:42 -0500 Subject: [PATCH 04/15] Update changelog_entry.yaml Co-authored-by: Max Ghenis --- changelog_entry.yaml | 3 ++- 1 file changed, 2 insertions(+), 1 deletion(-) diff --git a/changelog_entry.yaml b/changelog_entry.yaml index 93259088609..77b25fd5be9 100644 --- a/changelog_entry.yaml +++ b/changelog_entry.yaml @@ -3,4 +3,5 @@ added: - Missouri top income tax rate 2024 and 2025. - MO working family tax credit match 2024 - - label fix for ss and ssd deduction parameters + fixed: + - Labels for Missouri Social Security and Social Security disability deduction parameters. From 533c89c852602b33a735be84ed0aed3b1f6cf97d Mon Sep 17 00:00:00 2001 From: David Trimmer Date: Mon, 13 Jan 2025 10:49:27 -0500 Subject: [PATCH 05/15] Missouri Top Income Tax Rate and Working Family Tax Credit Match Adjustments Fixes #5458 --- changelog_entry.yaml | 3 --- 1 file changed, 3 deletions(-) diff --git a/changelog_entry.yaml b/changelog_entry.yaml index 34e9890087f..77b25fd5be9 100644 --- a/changelog_entry.yaml +++ b/changelog_entry.yaml @@ -1,4 +1,3 @@ -<<<<<<< HEAD - bump: minor changes: added: @@ -6,5 +5,3 @@ - MO working family tax credit match 2024 fixed: - Labels for Missouri Social Security and Social Security disability deduction parameters. -======= ->>>>>>> 9a8d204b370d11b9cd1711abf3790c0479f73a32 From 02c1334019d8ba17a197274fe102df1fdc030a12 Mon Sep 17 00:00:00 2001 From: David Trimmer Date: Wed, 15 Jan 2025 10:34:03 -0500 Subject: [PATCH 06/15] Update policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml Co-authored-by: Pavel Makarchuk <110687043+PavelMakarchuk@users.noreply.github.com> --- .../parameters/gov/states/mo/tax/income/credits/wftc/match.yaml | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml b/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml index c5fa92624a6..a5d98df7a6c 100644 --- a/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml +++ b/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml @@ -7,7 +7,7 @@ metadata: 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= - title: Missouri Individual Income Tax Changes 2024 href: https://dor.mo.gov/taxation/individual/tax-types/income/year-changes/ \ No newline at end of file From bb955548713211dacf0bbe46c83d1800e5caef3f Mon Sep 17 00:00:00 2001 From: David Trimmer Date: Wed, 15 Jan 2025 10:34:23 -0500 Subject: [PATCH 07/15] Update policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml Co-authored-by: Pavel Makarchuk <110687043+PavelMakarchuk@users.noreply.github.com> --- .../parameters/gov/states/mo/tax/income/credits/wftc/match.yaml | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml b/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml index a5d98df7a6c..864ce7c32ef 100644 --- a/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml +++ b/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml @@ -1,4 +1,4 @@ -description: Missouri's Working Families Tax Credit matches this percent of the federal Earned Income Tax Credit. +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 From 2597fc9fea0929746db63ac5e62b4a0ca8ce94cc Mon Sep 17 00:00:00 2001 From: David Trimmer Date: Wed, 15 Jan 2025 10:45:02 -0500 Subject: [PATCH 08/15] Update rates.yaml --- .../parameters/gov/states/mo/tax/income/rates.yaml | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml b/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml index 91b282c830b..b6f3a2b7b0a 100644 --- a/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml +++ b/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml @@ -128,8 +128,8 @@ metadata: 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: Governor Parson Announces Historic Fifth Income Tax Cut During His Administration - href: https://governor.mo.gov/press-releases/archive/governor-parson-announces-historic-fifth-income-tax-cut-during-his + - title: 2025 Missouri Withholding Tax Formula + href: https://dor.mo.gov/forms/Withholding%20Table%20-%20Weekly_2025.pdf label: Missouri resident individual tax rates type: marginal_rate From 0233bc671fc7fb1fc79a74c0512145778f767e44 Mon Sep 17 00:00:00 2001 From: PavelMakarchuk Date: Thu, 16 Jan 2025 02:24:27 +0100 Subject: [PATCH 09/15] changelog --- changelog_entry.yaml | 6 ++---- 1 file changed, 2 insertions(+), 4 deletions(-) diff --git a/changelog_entry.yaml b/changelog_entry.yaml index 77b25fd5be9..09f8fe304da 100644 --- a/changelog_entry.yaml +++ b/changelog_entry.yaml @@ -1,7 +1,5 @@ - bump: minor changes: added: - - Missouri top income tax rate 2024 and 2025. - - MO working family tax credit match 2024 - fixed: - - Labels for Missouri Social Security and Social Security disability deduction parameters. + - Missouri 2024 and 2025 top income tax rate. + - Missouri 2024 working family tax credit match. From 7fcc0cdb299dca874661b5bfa89161bcb6dd719b Mon Sep 17 00:00:00 2001 From: PavelMakarchuk Date: Thu, 16 Jan 2025 02:24:45 +0100 Subject: [PATCH 10/15] format --- .../parameters/gov/states/mo/tax/income/credits/wftc/match.yaml | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml b/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml index 864ce7c32ef..efefc1930a1 100644 --- a/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml +++ b/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml @@ -10,4 +10,4 @@ metadata: - 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= - title: Missouri Individual Income Tax Changes 2024 - href: https://dor.mo.gov/taxation/individual/tax-types/income/year-changes/ \ No newline at end of file + href: https://dor.mo.gov/taxation/individual/tax-types/income/year-changes/ From 74ade04292540d122cd492d0390785a491074dc3 Mon Sep 17 00:00:00 2001 From: David Trimmer Date: Thu, 16 Jan 2025 11:26:13 -0500 Subject: [PATCH 11/15] Update policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml Co-authored-by: Max Ghenis --- policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml b/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml index b6f3a2b7b0a..6f67c626387 100644 --- a/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml +++ b/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml @@ -108,7 +108,7 @@ brackets: rate: 2019-01-01: 0.054 2022-01-01: 0.053 - 2023-01-01: 0.0495 + 2023-01-01: 0.0495 # Set by 143.011.2(1) 2024-01-01: 0.048 2025-01-01: 0.047 From 46ed629ea9acf7ca39eb453ecf68e7df56a24fae Mon Sep 17 00:00:00 2001 From: David Trimmer Date: Thu, 16 Jan 2025 11:26:24 -0500 Subject: [PATCH 12/15] Update policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml Co-authored-by: Max Ghenis --- .../gov/states/mo/tax/income/credits/wftc/match.yaml | 3 +++ 1 file changed, 3 insertions(+) diff --git a/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml b/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml index efefc1930a1..48e927fcc71 100644 --- a/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml +++ b/policyengine_us/parameters/gov/states/mo/tax/income/credits/wftc/match.yaml @@ -7,6 +7,9 @@ metadata: label: Missouri EITC match period: year reference: + # Statute specifies initial 10% rate and allows increases up to 20% maximum, + # subject to state revenue conditions. + # Specific timing of increase to 20% is not defined in statute, but confirmed in 2024 changes. - 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= - title: Missouri Individual Income Tax Changes 2024 From e769b832bba97689eeada29b4dadd2f2f7d69df1 Mon Sep 17 00:00:00 2001 From: David Trimmer Date: Thu, 16 Jan 2025 11:26:31 -0500 Subject: [PATCH 13/15] Update policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml Co-authored-by: Max Ghenis --- .../parameters/gov/states/mo/tax/income/rates.yaml | 5 ++++- 1 file changed, 4 insertions(+), 1 deletion(-) diff --git a/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml b/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml index 6f67c626387..5794fcadd92 100644 --- a/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml +++ b/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml @@ -109,7 +109,10 @@ brackets: 2019-01-01: 0.054 2022-01-01: 0.053 2023-01-01: 0.0495 # Set by 143.011.2(1) - 2024-01-01: 0.048 + 2024-01-01: 0.048 # Reduced by 0.15% per 143.011.3(1) + # First 0.1% reduction allowed per 143.011.4(1), confirmed in 2025 + # withholding formula. Statutes allow further reductions to 0.046 in 2026 + # and 0.045 in 2027, but we assume revenue conditions not met until confirmed. 2025-01-01: 0.047 metadata: From d47a7e216736cad75a9a61a3a213196ec5df2efc Mon Sep 17 00:00:00 2001 From: David Trimmer Date: Thu, 16 Jan 2025 11:26:43 -0500 Subject: [PATCH 14/15] Update policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml Co-authored-by: Max Ghenis --- policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml b/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml index 5794fcadd92..adc9d5d8456 100644 --- a/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml +++ b/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml @@ -132,7 +132,7 @@ metadata: - 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 + href: https://dor.mo.gov/forms/Withholding%20Table%20-%20Weekly_2025.pdf#page=2 label: Missouri resident individual tax rates type: marginal_rate From f2e14af9f81a0d437aea1c98e255e54aebe1d1d8 Mon Sep 17 00:00:00 2001 From: David Trimmer Date: Thu, 16 Jan 2025 15:12:03 -0500 Subject: [PATCH 15/15] Update rates.yaml --- .../parameters/gov/states/mo/tax/income/rates.yaml | 7 ++++++- 1 file changed, 6 insertions(+), 1 deletion(-) diff --git a/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml b/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml index adc9d5d8456..44c78762f79 100644 --- a/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml +++ b/policyengine_us/parameters/gov/states/mo/tax/income/rates.yaml @@ -112,8 +112,13 @@ brackets: 2024-01-01: 0.048 # Reduced by 0.15% per 143.011.3(1) # First 0.1% reduction allowed per 143.011.4(1), confirmed in 2025 # withholding formula. Statutes allow further reductions to 0.046 in 2026 - # and 0.045 in 2027, but we assume revenue conditions not met until confirmed. + # and 0.045 in 2027, but we assume revenue conditions are not met until confirmed. 2025-01-01: 0.047 + # 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. metadata: reference: