The Missouri General Assembly has passed a major income tax cut for the citizens of our state. A few weeks ago, the governor called us back to Jefferson City for an extra legislative session in order to reduce the state income tax and to extend the sunset for several agricultural tax credits from two years to six years.
Missouri senators worked on a compromise measure to cut the highest tax bracket from 5.3 to 4.95 percent, starting in 2023. If certain revenue thresholds are met, Senate Bills 3 & 5 also includes automatic triggers to decrease the top tax rate further. In addition, this legislation would remove the bottom income tax bracket.
House Bill 3 fulfills the governor’s request and extends the sunsets on several agricultural tax credits to six years, rather than two. We have seen a return on investment from these tax credits as high as seven-to-one. They have proven themselves as highly beneficial for all of Missouri.
I look forward to the governor signing both of these bills, which will go a long way to improve things for all Missourians for decades to come.
I am honored to serve as your senator in the Missouri Senate. If, at any time, you have questions, concerns or ideas regarding state government, please feel free to contact me at (573) 751-8793 or Sandy.Crawford@senate.mo.gov.
