Governor Mike Parson has called lawmakers back to Jefferson City for a special session, starting September 6. The governor wants the General Assembly to cut the top income tax rate from 5.3% to 4.8% and increase the standard deduction by $2,000 for single filers and $4,000 for couples. Governor Parson said the state can afford the permanent tax cut plan because of Missouri’s budget surplus, which is the largest in state history. Lawmakers will also consider extending agriculture tax credit programs for a minimum of six years. The extension is intended to help develop key areas of Missouri’s agricultural industry, which is the state’s top economic driver.
More detailed information on the proposed legislation for the special session can be found here.