I and my fellow legislators have crafted a state operating budget for the coming year that reaches far beyond the grasp of previous budgets, as we have worked to ensure the continued funding of invaluable services and programs while making the hard decisions on how to best serve the state while remaining fiscally sound. Our state revenues are up, businesses are continuing to grow, we’ve invested in long-term projects that will benefit the state for years to come, and we’ve managed to maintain a historic revenue surplus, all while cutting taxes and putting dollars back into the pockets of Missourians.
I appreciate many of Governor Parson’s budgetary decisions, particularly his approval of spending for the much-needed improvements on Interstate 70. These investments in our state’s transportation system are crucial for enhancing both our infrastructure and economy.
However, I am disheartened by his decision to veto funding for various other infrastructure projects across our state. Specifically, I was troubled by his use of line item veto power to remove $10 million designated for right-of-way acquisition and utility improvements along the highway between Poplar Bluff and the Arkansas state line. This funding would have helped to finally convert this portion of the highway to four lanes. As someone who works for the people in my district, I spent five months advocating for this funding, and I am disappointed that it was vetoed.
On a positive note, another significant achievement in terms of preventing higher taxes was the governor’s approval of Senate Bill 190. This legislation includes a plan to exempt certain types of retirement income from Missouri taxation. Starting this year, retirement income from sources such as Social Security, Railroad, or any government entity will be completely exempted when calculating state taxes. However, pensions from private plans (such as auto workers or investment accounts like 401K, SIMPLE, etc.) will still be subject to Missouri taxes on amounts exceeding the annual exemption threshold. Nevertheless, public pensioners will experience a notable reduction in their Missouri tax liability.
Senate Bill 190 also introduces provisions related to property taxes that can benefit senior citizens. Under this law, individuals eligible for social security retirement benefits can have their residential property exempted from increases in property tax liability. Essentially, this allows property taxes on their homes to be frozen. This can be accomplished through two methods: either by the county commission voting to freeze assessments or by a vote of the people. The latter option requires a petition signed by registered voters, amounting to at least five percent of those who cast votes in the last gubernatorial election in the county. Upon receiving this petition, the county commission would call for an election, and the property tax freeze would go into effect if approved by a majority of voters.
These measures in Senate Bill 190 provide tangible benefits for seniors, offering tax relief and protection against rising property taxes. They are important steps towards supporting our senior citizens and ensuring their financial well-being.
May God bless and keep you and our great nation.
Hardy Billington represents District 152, which includes Butler County.