The members of the Missouri House and Senate completed their work this week in a special session called by Gov. Mike Parson. Several weeks of work in Jefferson City produced both a bill to support the state’s farmers and legislation to enact historic tax relief for Missouri taxpayers. The day after the legislature finished its work, Gov. Parson signed both bills into law.
Missouri’s elected officials have been hard at work at the State Capitol to pass critical support for farmers and ranchers and the largest income tax cut in state history for all taxpaying Missourians.
The Senate wrapped up its work this week by passing HB 3, which was previously approved in the House to promote and support the state’s agriculture industry. Supporters say the bill provides $40 million in incentives to support the state’s agriculture industry, which generates $94 billion in economic activity.
These wins will help further develop Missouri’s agriculture industry, create opportunities for farmers, ranchers, and ag businesses, and help ensure Missouri agriculture remains not only our state’s top economic driver but that its spirit and tradition continue to live on in future generations.
The bill extends and creates several agriculture tax credit programs. The sunset for each program will be for a minimum of six years.
The House and Senate also approved SBs 3 & 5 to provide the largest income tax cut in state history to Missouri taxpayers.
The bill will:
Reduce the top individual income tax rate from 5.2 to 4.95%, resulting in the majority of taxpaying Missourians seeing an approximately five percent decrease in their tax liability;
Eliminate the bottom income tax bracket, allowing Missourians to earn their first $1000 tax-free;
Allow an additional .15% top income tax rate reduction to 4.8% when net general revenues increase by $175 million;
Eliminate income taxes for individuals making less than $13,000 a year and couples making less than $26,000; and
Allow three additional .1% top income tax rate reductions in future years when net general revenue increases by $200 million, adjusted for inflation.
If the additional rate reductions are triggered by sufficient revenue growth, SBs 3 & 5 will reduce the top income tax rate in Missouri to 4.5%.
Every Missourian can support sending less of their money to the government, and we trust Missourians to make decisions with their own money. This historic tax cut means more money for Missourians to spend, invest, and save. It means economic growth, business expansions, and good-paying jobs for Missourians both today and tomorrow.
If you have any questions regarding any state matters or legislation, please don’t hesitate to contact me via email at Darrell.Atchison@house.mo.gov or call 573-751-1066.
It is an honor to serve as your state representative.
Darrell Atchison represents District 153, which includes Carter and Ripley counties and parts of Wayne and Butler counties.