Missouri’s special session bills have been signed into law. Gov. Mike Parson signed off Wednesday on an income tax cut package and an extension of some agriculture tax credits. Parson called the Missouri Legislature back to the state Capitol to pass the measures. The tax credits run through 2028 to help ethanol producers, biodiesel makers, fuel retailers, meat processors, urban farms, young farmers, and others in the industry
Under the legislation, Missouri gas stations selling a 15% blend of corn-based ethanol would get a five cents-per-gallon credit annually, with a maximum annual credit of $5 million. Biodiesel producers who make soybean oil-based fuel would get a two-cent-per-gallon annual credit. Meat processors with fewer than 500 workers could get a credit of up to 25% of the cost of expanding their Missouri sites. Tax credits of up to $25,000 could be given to creating urban farms in Missouri cities of 50,000 or more.
Beginning in January, Missouri’s income tax rate will gradually lower from the current 5.3% to 4.5% over several years – if Missouri brings in enough cash. The $1 billion package will also eliminate the lowest tax bracket for Missourians who earn less than $14,000 annually, which means they will not owe state income taxes.
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