Modifies and creates new provisions relating to utilities

Senate Bill 5 (SB 5) modifies income tax provisions for Missouri residents. For tax years through December 31, 2025, it sets a top income tax rate of 4.95%. Beginning January 1, 2026, the bill establishes a flat income tax rate of 4% on Missouri taxable income for all residents, replacing the current progressive tax brackets. Additionally, starting in 2027, this 4% rate can be incrementally reduced by one-tenth of a percent each year if specific state general revenue collection thresholds are met.