Missouri senators back $500 tax refund for individuals
2 years, 7 months ago

Missouri senators back $500 tax refund for individuals

Associated Press  

— Many Missouri taxpayers could get a one-time refund of up to $500 per individual under a plan endorsed by state senators as a way to help offset inflation while whittling down a state surplus. Individual taxpayers earning up to $150,000 annually and married couples with adjusted gross incomes of up to $300,000 could get a one-time refund of up to $500 per individual and $1,000 per couple, under the Senate plan. In practice, people would receive a $1 refund for each $1 of tax owed until their tax bill reaches the refund limit of $500. Lawmakers are considering tax breaks as they are wrapping up work on a record-large state budget, swelled by strong state tax collections and an influx of federal pandemic aid.

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Missouri lawmakers pass bill to cut income taxes
2 years, 2 months ago

Missouri lawmakers pass bill to cut income taxes

Associated Press  

— Missouri lawmakers on Thursday gave final approval to an income tax cut that Gov. The Republican-led Missouri House voted 98-32 in favor of the bill, which would cut income taxes from 5.3% to 4.95% beginning next year and phase in additional cuts until the rate hits 4.5%. The roughly $1 billion measure also eliminates the lowest tax bracket, meaning …

Missouri Senate passes individual income tax cuts
2 years, 3 months ago

Missouri Senate passes individual income tax cuts

Associated Press  

— Missourians could get a break on state income taxes under a proposal approved by the Republican-led state Senate on Wednesday. On Wednesday, both Republican and Democratic senators described the compromise as “reasonable.” “A special session is probably not the best time to engage in a dramatic rewrite of the tax code,” Republican Senate Majority Leader Caleb Rowden said, adding …

Missouri Senate moves on compromise plan to cut income taxes
2 years, 3 months ago

Missouri Senate moves on compromise plan to cut income taxes

Associated Press  

— Missouri senators on Tuesday gave first-round approval to a bill to cut state individual income taxes as called for by Republican Gov. The GOP-led Senate’s compromise plan would immediately cut the top income tax rate from the current 5.3% down to 4.95%. Under the Senate’s proposal, gradual cuts to the top income tax rate would be triggered by general …

Missouri Gov. Parson calls for income tax cut
2 years, 5 months ago

Missouri Gov. Parson calls for income tax cut

Associated Press  

— Missouri’s Republican Gov. Mike Parson on Friday vetoed a one-time, limited tax refund and instead called on state lawmakers to pass a widespread income tax cut. Parson proposed a special legislative session focused on cutting Missouri’s individual income tax rate, which is 5.4% for most taxpayers, to around 4.7%. Parson proposed cutting income taxes as an alternative to lawmakers’ …

Parson signs $48B Missouri budget, cuts tax refund program
2 years, 5 months ago

Parson signs $48B Missouri budget, cuts tax refund program

Associated Press  

Mike Parson on Thursday approved most of a roughly $48 billion state budget while cutting $500 million lawmakers had set aside for tax refunds. Notably, Parson cut funding for a new tax refund program spearheaded by the House Budget Committee leader. “We applaud members of the General Assembly for capitalizing on this opportunity and prioritizing the continued success of our …

Missouri Gov. Parson unsure about one-time tax credit bill
2 years, 7 months ago

Missouri Gov. Parson unsure about one-time tax credit bill

Associated Press  

Mike Parson on Wednesday said he’s concerned about a one-time tax credit bill awaiting his approval. The Republican told reporters gathered in his Capitol office that the proposal was “put together in a pretty quick fashion” by the GOP-led Legislature and picks “winners and losers.” “What I would be calling on the Legislature to do is cut everybody’s income tax,” …

Missouri lawmakers pass $48 billion state budget
2 years, 7 months ago

Missouri lawmakers pass $48 billion state budget

Associated Press  

— Missouri’s Republican-led Legislature on Friday passed a roughly $48 billion state budget packed with extra funding for teacher pay, school busing, Medicaid and public colleges and universities. Republican lawmakers caved and included money to pay for Medicaid expansion under the terms of the 2010 federal health care law signed by former President Barack Obama, as approved by Missouri taxpayers …

Every SC taxpayer gets at least $100 rebate in Senate bill
2 years, 9 months ago

Every SC taxpayer gets at least $100 rebate in Senate bill

Associated Press  

COLUMBIA, S.C. — Everybody who files an income tax return in South Carolina — even the more than 1 million people who pay no state income tax — would get a rebate check of at least $100 in a bill being considered by the state Senate. They make up about half of a $2 billion package that would also cut …

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