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.<\/p>\n
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,<\/p>\n
\nI have always advocated for reducing Missouri’s tax burden and support the spirit of legislation… We can do better for all Missouri taxpayers [1]<\/sup><\/a>.<\/h4>\n<\/blockquote>\n
Parson’s proposed tax plan includes reducing the individual tax rate, increasing deductions and allowances for taxpayers, and simplifying the tax code.<\/p>\n
HB 1720<\/h3>\n
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,<\/p>\n
\nApplicants 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]<\/sup><\/a>.<\/h4>\n<\/blockquote>\n
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.<\/p>\n
Senator Jason Bean, who will be Alton’s senator come January, stated,<\/p>\n
\nWe support the Governor’s call to fully extend these agricultural tax credits that are critical for our state’s agricultural industry [3]<\/sup><\/a>.<\/h4>\n<\/blockquote>\n
Both of these bills will be discussed at a special legislative session later this year.<\/p>\n
Notes:<\/h4>
- ^<\/a>https:\/\/governor.mo.gov\/press-releases\/archive\/governor-parson-issues-legislative-vetoes-calls-special-session-permanent (go back ↩)<\/a><\/li>
- ^<\/a>https:\/\/governor.mo.gov\/press-releases\/archive\/governor-parson-issues-legislative-vetoes-calls-special-session-permanent (go back ↩)<\/a><\/li>
- ^<\/a>https:\/\/governor.mo.gov\/press-releases\/archive\/governor-parson-issues-legislative-vetoes-calls-special-session-permanent (go back ↩)<\/a><\/li><\/ol><\/div>","protected":false},"excerpt":{"rendered":"
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