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WHAT'S What
Taxes
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Missouri has
the lowest state and local taxes as a percentage of personal income.
| Illinois |
$2,263
|
| Missouri |
$2,840
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Source: Missouri Dept. of Economic Development, 2001.
| TAX |
MISSOURI |
ILLINOIS |
| Corporate
Income Tax |
6.25%
with adjustments, including 50% deductibility of Federal income
tax (5.2% effective rate). 7th lowest in U.S. |
7.3%
(effective rate). Illinois allows apportionment based 100%
on sales. |
| Personal
Income |
Top
rate is $315 plus 6% of taxable income over $9,000. Federal
income tax is 100% deductible up to $5,000/individual and
$10,000/family. |
3.0%
of net income less deductions. |
| Property
Tax |
Residential
is assessed at 19% of true value; commercial and industrial
are assessed at 32%. Personal Property is assessed at 331/3%.
Rates vary by tax jurisdiction. No tax on business inventories. |
Residential,
commercial and industrial are assessed at 331/3%. No personal
property tax. Rates vary by tax jurisdiction. |
| Sales/Use
Tax |
4.225%
+ local |
6.25%
+ local |
| Unemployment
Insurance |
Taxable
base is $8,500. Standard rate is from 0-3.42%. |
Taxable
wage base is $9,000. New companies pay entry rate of 3.1%. |
| Per
$100 of Payroll |
St.
Louis Region
|
| Office/Clerical
(8810) |
$0.19
- 0.24
|
| Manufacturing
(Electrical - 3179) |
$2.68
- 2.81
|
| Plastic
Manufacturing (4452) |
$3.47
- 4.98
|
| Pharmaceutical/Surgical
Manufacturing (4693) |
$1.55
- 1.77
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| Warehousing
(8292) |
$4.32
- 8.89
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Source: NCCI Advisory Loss Costs, 2001. Note: Advisory Loss Costs
exclude the following expense programs: general expenses, taxes,
assessments and profits, and contingency allowances. |
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