Next week, the General Assembly with gather for veto session beginning Sept. 14. This year, the session will coincide with a special session called by Gov. Parson for the purpose of overhauling the income tax code and expanding agricultural tax credits.
One issue I would like to see addressed is the burden of personal property taxes on the elderly. Recently the taxes have gone up significantly, largely due to the increase in the price of used vehicles. I would like to explore the possibility of placing a cap on personal property tax assessments for those aged sixty-five and older. Assessed valuations could decline but could not increase. Under this plan, senior citizens would receive peace of mind and not have to worry about large increases in their tax liability.
Leadership from both chambers met recently to discuss the best path forward to secure passage of the Governor’s proposals to provide historic tax relief for Missourians and increase support for the agriculture industry.
Following their meeting, leaders from both sides released a joint statement saying, “We were able to have an extremely productive discussion on the issues the governor has asked us to address during special session. Our goal is to provide Missourians with the most substantive and effective tax relief possible, and to support our agriculture industry so that it will grow and prosper for years to come. Because of the important nature of both the tax cut proposal and the agriculture tax credits, we will continue to work together to develop a viable legislative package that can receive strong support in both chambers.”
The legislative leaders added they plan to continue discussions on the best way to achieve the objectives outlined by Gov. Parson “with the goal of beginning legislative action during the week of Veto Session.”
Missouri continues to receive good news as its economy remains healthy and its revenue numbers continue to grow. The most recent number shows the state saw a strong increase in revenues for the month of August.
During August the state collected approximately $1 billion. That number is up 4.7% from August of 2021 when the state collected $962.2 million. For the Fiscal Year 2023 that began July 1, the state has now collected a total of $1.98 billion, which represents an increase of 18.9% compared to the same time last year when the state had collected a total of $1.66 billion.
Parents in Missouri are being encouraged to set funds aside for the future educational needs of their children. September is College Savings Month, which is meant to promote the importance of saving for higher education by utilizing a 529 account.
Missouri’s 529 Education Plan, which is known as MOST, is administered by the Missouri State Treasurer’s Office. Money in MOST accounts can be used to pay for K-12 tuition and apprenticeships, trade, college, and graduate school tuition and expenses, and up to $10,000 of student loan repayment. Contributions are eligible for state tax deductions and assets in MOST 529 accounts grow tax-free.
Fitzpatrick will host a webinar providing information about saving for higher education and finding scholarship opportunities on Wednesday, September 28 at 6 p.m. The free virtual event will feature speakers from Sallie Mae, a nationwide consumer banking institution specializing in private student loans, and MOST, Missouri’s 529 Education Plan. Those who wish to participate can register at https://www.missourimost.org/.
May God bless and keep you and our great nation.
Hardy Billington represents District 152, which includes parts of Butler and Dunklin counties.