Tax Cut Signed Into Law

An income tax cut plan and a six-year extension for some Missouri agriculture tax credits are official. Governor Mike Parson has signed the legislation into law.

Beginning in January, Missouri’s income tax rate will gradually lower from the current 5.3-percent to 4.5-percent over several years – if Missouri makes enough money. The plan would also eliminate the lowest tax bracket for those who earn less than 14-thousand dollars annually, which means they will not owe state income taxes.