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Missouri Senate passes individual income tax cuts

Missouri Capitol
KMIZ
Missouri Capitol

By SUMMER BALLENTINE
Associated Press

JEFFERSON CITY, Mo. (AP) — Missouri taxpayers could get a break on income taxes under a proposal passed by the state Senate. The GOP-led chamber on Wednesday voted 24-4 in favor of the bill. The measure now heads to the Republican-led House for consideration. The bill would cut the top income tax rate from 5.3% to 4.95% in 2023. Most Missourians pay the top income tax rate. Income taxes could gradually fall to as low as 4.5% if the state meets revenue growth benchmarks tied to inflation. The measure also eliminates the lowest tax bracket, meaning earners who bring in less than about $1,000 a year would no longer have to pay state income taxes.

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