On Wednesday, Governor Parson signed into law the largest income tax cut in Missouri’s history. Earlier this year, he had vetoed a bill that would give residents a tax rebate. He remarked that that idea was not good enough. He wanted permanent savings for Missourians. The Governor went on to issue a special session of the legislature to make the tax cuts happen. On Wednesday, they did and he signed the bill into law.
Governor Parson exclaimed,
Every Missourian can support sending less of their money to the government [1].
He went on to add,
We trust Missourians to make decisions with their own money [2].
On Wednesday, Parson signed two bills into law.
SBs 3 & 5
This law reduces Missourians’ income tax liability. Included in this is reducing the top individual tax rate and eliminating the bottom tax bracket. Further, it allows an additional .15% top income tax reduction. It also eliminates income taxes for those earning less than $13,000 per year or couples earning less than $26,000 and allows three additional .1% top income tax rate reductions in the future. To fully read the new law, you can click here.
HB3
Parson also signed this bill into law. This law includes the extension and creation of several agriculture tax credit programs. The sunset for these credits is a minimum of six years. To read more about this bill, you can click here.
Governor Parson wants the best for the citizens of Missouri. Although he is currently our Governor, he does have plans to retire from office and live under the laws he passed.
Notes:
- ^https://governor.mo.gov/press-releases/archive/governor-parson-signs-largest-income-tax-cut-state-history-law (go back ↩)
- ^https://governor.mo.gov/press-releases/archive/governor-parson-signs-largest-income-tax-cut-state-history-law (go back ↩)
