Missouri Senate passes individual income tax cuts

Missouri State Capitol, Jefferson City, Missouri
Missouri State Capitol, Jefferson City, Missouri(MGN)
Published: Sep. 22, 2022 at 3:54 AM CDT
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JEFFERSON CITY, Mo. (AP) - Missouri taxpayers could get a break on income taxes under a proposal passed by the state Senate.

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.