Auditor Galloway is reviewing the state of Missouri’s compliance with the Hancock Amendment.
According to a press release released Tuesday, “Using the formula contained in the Hancock Amendment, the 2016 refund threshold is $14.4 billion. For the 2016 Fiscal Year, total state revenue was $10.3 billion, approximately $4.1 billion under the refund threshold. As a result, no refunds will be issued.”
“Missourians amended the Constitution to protect themselves from the legislature raising their taxes and increasing fees,” Auditor Galloway said. “These constitutional protections are a key reason I am reviewing the cost lawmakers’ policy choices ultimately have on taxpayers.”
To read Auditor Galloway’s full report, click here.