Income tax

Governor Mike Parson calls for largest income tax cut in Missouri history

Governor Mike Parson is seeking the largest income tax cut in Missouri history in the state’s next special legislative session.

The governor is traveling across the state to discuss the need to cut taxes – meeting with Reps. Kent Haden, Chad Perkins and Tim Taylor on Tuesday.

Haden says the proposal to cut state income tax to 4.8% has already been approved for the next four years, but…

Haden says Parson thinks about $780 million is available to provide an adequate “cushion” and cover unforeseen expenses, allowing the tax cut to take place as soon as possible.

Parson says the permanent tax cut would provide Missouri farmers and ranchers with the same opportunities as other industries while supporting small businesses.

The special session would also seek to extend tax credits to biofuel makers, meat packers and young farmers. Parson vetoed a two-year extension of tax credits in July, saying a full six-year extension under the Missouri Agriculture and Small Business Development Authority was needed.

Haden says farm tax credits would give farmers a boost in what has been a tough year.

Haden says the state legislature has the option to override Parson’s veto of the two-year appropriation extension if a full extension fails during the special session.

The date for the special session is yet to be set, but Haden expects it to take place the first week of September.

Post views: