Missouri Governor Parson signs tax cuts into law

Missouri Governor Parson signs tax cuts into law.
Missouri Governor Parson signs tax cuts into law.(ky3)
Published: Oct. 5, 2022 at 9:38 AM CDT|Updated: Oct. 5, 2022 at 10:39 AM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

JEFFERSON CITY, Mo. (KY3) - Missouri Governor Mike Parson signed the law of agriculture tax credits and income tax legislation on Wednesday morning.

“Not only is this a special time of the year here for farmers are all in the field right now, and Missouri elected officials have been hard at work here at the State Capitol to pass critical support for our farmers and our ranchers. And not to mention the largest income tax cut in our state’s history for all taxpaying Missourians,“ said Governor Mike Parson.

Lawmakers passed the agriculture tax credits on Tuesday. The passage primarily renews tax credits that had expired. The measure includes tax credits to benefit companies involved in meat processing, biodiesel, ethanol fuel, and urban farms. It also expands government loan programs for farmers.

The agriculture bill will extend those tax credits for the next six years. State Democratic Senator Barbara Washington worked on that bill. She says she is happy to see it finally go through.

”It provides jobs with agriculture is how they make medicines today. It’s how we eat. It’s a great industry. And I think in Missouri, since it is such a large part of our fabric, that it’s okay to give a tax credit to those companies and those individuals who need this opportunity so that they can go forward,” said Senator Washington.

The Governor called the special session after he vetoed the first ag bill because the credits would have expired in two years.

“Vetoing the Ag Bill was something I didn’t take lightly. And it was a very difficult thing to do, or that I wish to do so. But when Missouri farmers and ranchers and ag businesses get a bad deal, they trust us to make it right,” said Governor Parson.

As for the income tax, Governor Parson says Missourians should be excited. Lawmakers passed the income tax credits the prior week of the special session. The bill cuts income taxes from 5.3% to 4.95% beginning next year and phases in additional cuts until the rate hits 4.5%. The statement applies to the top income tax rate, covering those who make more than about $8,700 yearly in taxable income.

“Missouri should be excited about income tax cuts every Missouri and can get behind spending less of their money, sending less of their money to the government. Throughout my career, I’ve committed to exploring every opportunity to reduce Missourians’ tax burden, and thanks to our strong financial position and a balanced approach,” said Governor Parson.

State Senator Barbara Ann Washington voted for the bill but said it would be nice to have some of the money go towards other programs

”Great to lower your taxes. That’s great. We all want that. But then we still want the same services that that tax income provided. So it’s a catch-22. I would have preferred that we did not lower the taxes and that we take this extra money for a time to actually provide better services that we need in our state, our children, pre-K.”

To report a correction or typo, please email digitalnews@ky3.com