JEFFERSON CITY — Missouri taxpayers will see more money in their take-home pay next year thanks to legislation supported by State Sen. Denny Hoskins, R-Warrensburg, and passed by the General Assembly as part of an extra legislative session called by the governor. Senate Bill 3 lowers Missouri’s top individual income tax rate to 4.95%, from its current 5.3% rate, beginning with the 2023 calendar year. The legislation also includes automatic triggers to reduce the top tax rate further if certain revenue thresholds are met.
“I am proud to join with my legislative colleagues and deliver perhaps the largest income tax cut in state history,” Sen. Hoskins said. “With prices rising on nearly everything we buy, this is the ideal time to return more of Missourians’ hard-earned money back to where it belongs: in their own wallets.”
Extending critical economic incentives for Missouri’s agricultural producers, the second part of the governor’s extra session call, moves forward with a hearing by the Senate Appropriations Committee scheduled for Monday, Oct. 3. Legislation passed by the House of Representatives in September includes tax credits to support Missouri farmers and producers, including new incentives for biodiesel and ethanol production and sales that mirror legislation Sen. Hoskins introduced in the Senate during the regular legislative session. As a member of the Senate Appropriations Committee, Sen. Hoskins will review the House bill and anticipates advancing the legislation onto the full Senate for a final vote later this week.
For information about Sen. Hoskins, please visit his official Missouri Senate website: senate.mo.gov/Hoskins.