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.