Missouri Senate moves on compromise plan to cut income taxes
JEFFERSON CITY, Mo. (AP) — Missouri senators have given first-round approval to a plan to cut individual income taxes.
Senators on Tuesday advanced a compromise bill. Republican Gov. Mike Parson called lawmakers back for a special session on tax cuts because of higher-than-unusual revenue growth this year.
Parson wants lawmakers to cut the top income tax rate from 5.3% to 4.8%. Instead, the GOP-led Senate advanced a bill to cut the rate to 4.95%.
The Senate plan would allow for continued, gradual cuts to income taxes until the rate hits 4.5%.
The cuts would be triggered by revenue growth benchmarks and tied to inflation.