Mon. May 29th, 2023
At a Monday afternoon State Capitol news conference Governor Mike Parson announced that he has issued the official call for a special session of the General Assembly to make historic income tax cuts.
Governor Parson says he’s proposing one of the biggest tax cuts in state history while he also wants to extend key agriculture tax credit programs for a minimum of six years.
He says The General Assembly will meet in Jefferson City on September 6th at noon to begin consideration of his proposed legislation, of which he says…“If you draw a paycheck, you’re going to benefit from this tax cut.”
His plan includes reducing the individual income tax rate by nearly 10-percent, increasing the standard deduction, and simplifying the tax code.
(JEFFERSON CITY, MO) – Today, during a press conference at the State Capitol, Governor Mike Parson announced that he has issued the official call for a special session to make historic income tax cuts and extend key agriculture tax credit programs for a minimum of six years. The General Assembly will meet in Jefferson City on September 6, 2022, at 12 p.m. to begin consideration of Governor Parson‘s proposed legislation.
“My team and I have been working with our colleagues in the General Assembly and agriculture partners to formulate a plan to adequately extend our critical agriculture tax credit programs and pass the largest income tax cut in state history,” Governor Parson said. “Today, we believe we have that plan and are ready to call legislators back to Jefferson City to get to work on behalf of our farmers, ranchers, and business owners and provide lasting tax relief to every taxpaying Missourian.”
Tenets of Governor Parson‘s proposed tax plan include reducing the individual income tax rate, increasing the standard deduction, and further simplifying the tax code. Governor Parson‘s proposed plan includes:
Governor Parson‘s tax relief plan means significant savings for Missourians each year. Below are a few scenarios that estimate state income tax savings for Missourians of different backgrounds, based on the State’s tax structure:
“Our tax cut proposal means that every taxpaying Missourian, no matter their background, income, or job description, will see a reduction in their tax liability,” Governor Parson said. “Every Missourian will earn their first $16,000 tax free and married joint filers will earn their first $32,000 tax free, resulting in significant savings for millions of Missourians. Our plan puts more of Missourians’ hard-earned dollars back in their pockets and aims to make it a little easier for families to put food on the table and gas in the car.”
Governor Parson‘s special session call also includes the extension and creation of several agriculture tax credit programs intended to help develop key areas of Missouri’s agricultural industry, the state’s top economic driver. The sunset for each program will be for a minimum of six years. The call includes:
For more information and to see the specific call language, see attachment.Special Session Call for Income Tax Cuts and Agriculture Tax Credits