Over the last few decades Missouri has fallen behind. While states like Texas and Florida have seen major growth, we have actually lost one congressional seat.
That is why I am excited about legislation like HB 816 and 660 that could actually reverse this decline. Currently, the rate of tax imposed on the highest bracket of income is 4.95%. Beginning Jan. 1, 2024, this bill lowers the top rate to 4.5%.
Currently, there is a 4% rate of tax imposed on corporate income. Beginning Jan. 1, 2024, this bill lowers the rate of taxation on corporate income to 2%. Beginning in 2025, a further reduction of 1% to corporate income tax may be made if the amount of revenue from corporate income tax collected in the immediately preceding fiscal year exceeds the highest amount of revenue from corporate income tax collected in any fiscal year prior to the immediately preceding fiscal year by at least $50 million.
Such a reduction shall only be made once and shall continue in effect for all subsequent years.
Beginning Jan. 1, 2024, any Social Security benefits received by a taxpayer, regardless of age, including retirement, disability, survivors, and supplemental benefits shall be entitled to the maximum exemption available regardless of the taxpayer’s filing status or the amount of the taxpayer’s Missouri adjusted gross income.
This bill also repeals the provisions of Section 273.050, RSMo which currently imposes a tax on the owner of a dog. There is no question that this legislation will increase economic growth in the state of Missouri by making the state a more attractive venue for new businesses to develop and grow.
As the 2023 session reaches its midpoint we head into a brief break from legislative action with a long list of accomplishments. Some of the priority bills approved during the first half of the legislative session include:
HBs 903, 465, 430 & 499 is a critical national security bill that would protect fair competition and limit foreign ownership of Missouri farmland by defined enemies of the United States of America.
The bill approved by the House would limit foreign ownership of Missouri farmland to 0.5%, from the current restriction in statute of 1%. The bill also would prohibit a foreign business from certain countries from purchasing any land in the state.
Nations on the “Restrictive Country” list in the bill are defined as China, Russia, Iran, North Korea, and Venezuela. The bill encourages friends and allies of the United States to continue cooperating with Missouri-based companies, especially in agriculture research and development.
HB 713 would change current state law that requires assessors to determine vehicle values by using the National Automobile Dealers’ Association Official Used Car Guide.
The bill would repeal that requirement and instead have assessors use the manufacturer’s suggested retail price (MSRP) for all vehicles for the original value of all motor vehicle assessment valuations. The bill establishes a 15-year depreciation schedule that would be applied to the MSRP to develop the annual and historical valuation guide for all motor vehicles.
HB 70 adds other designated school personnel to the list of employees a school district may designate as a school protection officer and allows designated school personnel the authority to carry a weapon on school grounds if they have obtained a concealed carry endorsement or permit.
May God bless and keep you and our great nation.
Hardy Billington represents District 152, which includes Butler County.