JEFFERSON CITY, Mo. (AP) _ Missouri Gov. Mike Parson has signed legislation
that his office says will cut the state’s top individual income tax rate to 5.4
percent next year.
The Republican signed the bill Thursday.
It will take effect on the heels of earlier tax cuts passed by Missouri’s
Republican-led Legislature. A 2014 law enacted gradual cuts based on state
revenue growth.
State Treasurer Eric Schmitt this week confirmed revenue growth will
trigger a cut from the current 5.9 percent rate down to 5.8 percent in January
because of the earlier law. That covers the top tax bracket, which applies to
most Missourians.
On top of that, the new law Parson signed will bring the rate down 0.4 percent.
The rate will gradually go down to 5.1 percent depending on state revenue
growth.
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