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Sept. 16, 2022Jefferson City, Mo. |  By: AP

Special session on Missouri tax cuts drags on

gavel

JEFFERSON CITY, Mo. (AP) — Missouri lawmakers ended work early Thursday as private negotiations over potential tax cuts continued.

Republican Gov. Mike Parson had called on the GOP-led Legislature to start a special session on tax cuts last week, but they delayed in in an attempt to reach an agreement over several proposed bills.

The Senate, which will take up legislation first, on Thursday adjourned until Monday.

In his special session call, Parson directed lawmakers to cut the top income tax rate from 5.3% to 4.8%, as well as increase the standard deduction by $2,000 for single filers and $4,000 for couples. He limited tax cuts to a maximum $700 million price tag per year.

Some Republican senators want to slash taxes even further.

Other bills would cut the top income tax rate to 4.7%, with additional .1% reductions triggered if the state brings in enough revenue in a given year. Several senators also proposed reducing or eliminating corporate income taxes.

Another measure would provide $325 rebates for individuals with tax liabilities and $650 for married couples by the end of the year. The rebates would be limited to single taxpayers who make at most $150,000 per year or couples who make at most $300,000.