Governor Parson Vetoes Certain Bills- Requires More Aid From Legislators

On July 6, 2022 Governor Parson vetoed a couple of bills put forward by our legislators. Instead, He wants tax relief for all Missouri taxpayers, not singling some out. He also wants a longer time for the agriculture tax credits. Here are the key notes from a couple of them.

HB 2090

This bill authorized a one time rebate of $500 for individuals making less than $150,000 per year and $1,000 for joint filers making less than $300,000 per year. Because the program is underfunded, no one will receive the maximum rebate. Governor Parson is proposing permanent tax relief as opposed to a one time tax rebate. He continued by saying,

I have always advocated for reducing Missouri’s tax burden and support the spirit of legislation… We can do better for all Missouri taxpayers ^[1].

Parson’s proposed tax plan includes reducing the individual tax rate, increasing deductions and allowances for taxpayers, and simplifying the tax code.

HB 1720

HB 1720 was attempting to establish new agriculture tax credit programs. However, the expiration of these tax credits were only extended for two years. To this bill, Governor Parson said,

Applicants often need a minimum of 24 months in order to secure equity and private investment for projects. When a program is only guaranteed for a partial period of a projects development, businesses are less likely to invest ^[2].

Instead, Parson is supporting extending the tax credits for 6 years instead of 2; exempting certain agriculture equipment for state and local tax; and modification of the Family Farms Act.

Senator Jason Bean, who will be Alton’s senator come January, stated,

We support the Governor’s call to fully extend these agricultural tax credits that are critical for our state’s agricultural industry ^[3].

Both of these bills will be discussed at a special legislative session later this year.