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AP Missouri

Missouri Senate committee negotiates income tax cut

KMIZ
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Published 5:05 PM

By SUMMER BALLENTINE
Associated Press

COLUMBIA, Mo. (AP) — Missouri state senators have advanced two plans to cut income taxes. The Senate Appropriations Committee on Monday voted out Republican Gov. Mike Parson’s bill and an alternative proposal. Parson wants lawmakers to cut the top income tax rate from 5.3% to 4.8%. Another proposal by Sen. Lincoln Hough would cut the top rate to 5%. Under that bill, taxes could continue to gradually drop to as low as 4.5% if the state meets revenue growth thresholds tied to inflation. Hough says he’s still working behind the scenes to find a compromise.

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