ST. LOUIS (KMOX) - The State of Missouri is expecting a decline in general revenue next year, following a record-setting budget approved earlier in 2023.
Over the past few years, lawmakers have approved income tax cuts and counties can now freeze property taxes for seniors. But these cuts are causing concern for some lawmakers.
Missouri State Representative Peter Merideth from St. Louis said this year, it looks like revenue is going to shrink in 2024 or at least barely grow.
"We're going to be in trouble, especially as these tax cuts are taking effect, trying to figure out how to pay the bills," Merideth said.
Meanwhile, House Speaker Dean Plocher from Des Peres said he plans on discussing the future of personal property taxes in the upcoming session.
"I argue that if you can put the taxes back in the taxpayers pockets, they're going to spend the money, they're going to be able to afford those necessary items," Plocher said.
While budget talks don't typically get underway until after the new year, the House is getting a jump start on the process. It is a constitutional requirement for the General Assembly to pass a balanced budget by May. Governor Parson will outline his budget proposals during the annual State of the State address in January.