Modifies provisions relating to personal income tax and removes the additional revenue trigger rate reductions

HB 2587 modifies Missouri's personal income tax structure by establishing specific tax rates and removing the automatic mechanism that previously triggered tax rate reductions when state revenue increased. The bill sets a progressive tax schedule for residents, with rates ranging from 1.5% on income up to $1,000 to 6% on income exceeding $9,000, while also eliminating taxes on income below $1,000 starting in 2023. By removing the provisions that allowed for automatic tax cuts based on surplus revenue, the legislation ensures that tax rates remain fixed regardless of how much money the state collects. This change directly affects Missouri taxpayers by defining their tax obligations more permanently and prevents future automatic reductions in tax rates that were previously tied to economic performance.