Delivering a Tax Cut for All Missourians
An extra legislative session called by the governor came to a close on Oct. 4 with the passage of a historic tax cut that will save Missouri taxpayers as much as $1 billion and an agriculture bill that provides $40 million of tax credits to support Missouri farmers. The governor signed the two bills into law the following day, putting the final seal of approval on one of the most successful extra legislative sessions in recent memory.
During a time of record inflation and Missouri families struggling to make ends meet, it was a top priority of the governor and the Legislature to put money back in pockets of hardworking taxpayers. Beginning in 2023, the top state income tax rate will be reduced, with additional rate reductions at all other income levels. The lowest tax bracket was eliminated completely, meaning low-income families will no longer pay any state income taxes.
The state estimates the changes will save Missouri taxpayers more than $300 million next year alone. The measure also includes a series of revenue-based triggers that could eventually lower the top tax rate further, reducing Missourians total taxes bill by nearly $1 billion once fully implemented.
The agriculture bill approved by the legislature contains tax credits for family farms, urban agriculture, specialty crop producers, meat processors, the alternative fuels and others.
With work complete on these two bills, the 101st General Assembly is effectively complete. Absent another extra session call from the governor – which is not anticipated – our work is done for this year. As I approach the end of my first term in the Missouri Senate, I reflect on what an honor and privilege it has been to serve the residents of Platte and Buchanan County. I encourage everyone to stay informed about the issues, and please do not hesitate to reach out to my office if you have any questions or concerns about state government.
It is my great honor to represent the citizens of Platte and Buchanan counties in the Missouri Senate. Please contact my office at 573-751-2183, or visit www.senate.mo.gov/mem34.