An Income Tax Cut Plan and a Six-Year Extension for Some Missouri Agriculture Tax Credits are Official


That’s Governor Mike Parson, who called state lawmakers back to the Missouri Capitol to pass an income tax cut plan and a six-year extension for some agriculture tax credits. He has signed the special session bills into law. Beginning in January, Missouri’s income tax rate will gradually reduce from the current 5.3-percent to 4.5-percent over several years – if Missouri brings in enough cash. The plan would also do away with the lowest tax bracket for those who earn less than 14-thousand dollars annually, which means they will not owe state income taxes.