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

(MISSOURINET) –

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.

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