Missouri lawmakers on Thursday gave final approval to an income tax cut that Gov. Mike Parson requested and ditched a last-minute proposal to cut corporate taxes.
The Republican-led Missouri House voted 98-32 in favor of the bill, which would cut income taxes from 5.3% to 4.95% beginning next year and phase in additional cuts until the rate hits 4.5%. The bill applies to the top income tax rate, which covers those who make more than about $8,700 a year in taxable income.
The additional cuts would be triggered by revenue growth benchmarks tied to inflation.
The roughly $1 billion measure also eliminates the lowest tax bracket, meaning earners who bring in less than about $1,000 a year no longer will have to pay state income taxes.
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