Governor Signs Tax Cut Bill

Paychecks across Missouri are soon expected to be a little bigger after Governor Mike Parson, on Thursday, put his John Hancock on an income tax bill. The signing of House Bill 2540 took place in Springfield and, according to the governor’s office, will provide Missourians with the largest single year income tax cut in state history. The bill is also expected to reduce individual income tax rates by four-tenths of a percent…from 5.8 to 5.4 percent…starting in 2019. Further, additional triggers in the bill would lower the individual tax income rate down to 5.1 percent making Misouri the 14^th lowest income tax stat in the country. Governor Parson calls the signing of the bill the first step in an ongoing process to simplifying and making the state income tax more fair.