Missouri Senate passes individual income tax cuts

Missouri Senate passes individual income tax cuts
Mo. Gov. Mike Parson called the special session of the legislature, seeking an income tax cut Photo credit Getty Images

JEFFERSON CITY, Mo. (AP) Missouri taxpayers could get a break on income taxes under a proposal passed by the state Senate.

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The GOP-led chamber on Wednesday voted 24-4 in favor of the bill. The measure now heads to the Republican-led House for consideration.

The bill would cut the top income tax rate from 5.3% to 4.95% in 2023. Most Missourians pay the top income tax rate. Income taxes could gradually fall to as low as 4.5% if the state meets revenue growth benchmarks tied to inflation.

The measure also eliminates the lowest tax bracket, meaning earners who bring in less than about $1,000 a year would no longer have to pay state income taxes.

Featured Image Photo Credit: Getty Images