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Sept. 15, 2022Jefferson City, Mo. |  By: AP

Missouri lawmakers start work on proposed tax cuts

gavel

JEFFERSON CITY, Mo. (AP) — Missouri lawmakers on Wednesday returned to the Capitol for a special session aimed at cutting taxes.

Republican Gov. Mike Parson called on lawmakers to cut the top income tax rate from 5.3% to 4.8%. He also wants the GOP-led Legislature to increase the standard deduction by $2,000 for single filers and $4,000 for couples.

Parson specified that, based on the limits in his special session call, lawmakers cannot cut income taxes so deeply that the state loses more than $700 million per year in revenue.

Parson proposed the special session as an alternative to lawmakers’ planned one-time tax refund, which he vetoed in June.

He told lawmakers to return to Jefferson City last week. But they delayed work to continue private negotiations. Lawmakers on Wednesday filed bills with a variety of tax-cutting options.

Legislators also met Wednesday in their annual veto session but did not vote on whether to override any of Parson’s vetoes.