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Sept. 22, 2022 | By: AP
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.
Both the Senate and the House also passed similar versions of an agriculture tax credits bill. The package would include $40 million of tax credits and low-interest loans to encourage agricultural growth.
The House fell short of reaching the required two-thirds majority for an emergency clause, which would have allowed their version of the bill to go straight to Gov. Mike Parsons' desk.
Both chambers passed a similar bill last session, but Gov. Parson vetoed the bill.