Breaking News

NextGen 2.0 helmets on the way to security forces across DAF > Air Force > Article Display Joint Statement on the U.S.-Romanian Bilateral Defense Relationship > U.S. Department of Defense > Release Deputy Secretary Graves to Travel to Bucharest, Romania for International Telecommunication Union Plenipotentiary Conference President Joseph R. Biden, Jr. Approves Emergency Declaration for Florida Puerto Rico Residents Encouraged to Register for Federal Assistance News Release – Attorney General Moody Expands Price Gouging Hotline Statewide as Tropical Storm Ian Intensifies FEMA Continues Hurricane Fiona Response Efforts: Sept. 24 Updates President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Alaska

Governor Calls Lawmakers Back to Jefferson City

Missouri lawmakers will reconvene at the State Capitol on Sept. 14 for the beginning of an extra legislative session focusing on income tax cuts and agriculture tax credit programs.

During the regular legislative session, lawmakers passed a bill that would have provided a tax rebate to most Missourians. Wanting to instead provide permanent relief to all Missouri taxpayers, the governor vetoed this legislation and has called for an extra session to put a more meaningful tax cut in its place. The governor’s proposed tax plan now tasks legislators with reducing the state’s individual income tax rate from 5.3% to 4.8%, increasing the standard deduction for individuals by $2,000 or $4,000 for married couples who file jointly and eliminating the bottom income tax bracket. The first $16,000 in income for individuals and $32,000 in income for married joint filers would also be tax free under the governor’s proposed plan.

The governor also vetoed several agricultural tax credit programs passed during regular session because he felt the proposed two-year sunset date in the original legislation wasn’t enough time, and he’s now asking lawmakers to extend the expiration date for some of them to six or more years. These extensions include the Meat Processing Facility Investment Tax Credit, the Rolling Stock Tax Credit, the Agricultural Product Utilization Contributor Tax Credit and the New Generation Cooperative Incentive Tax Credit. The governor’s plan also recommends four new tax credit programs for ethanol retail dealers, biodiesel retailers, biodiesel producers and urban farming operations.

I’ve always fought to lower our state’s tax rate and keep more money in your pockets. With record inflation, rising food costs and historically high gas prices, every little bit helps. In 2021, I didn’t support Senate Bill 262, which increased the state’s gas tax by 2.5 cents per gallon per year through 2025, but I was thankful that it included a provision allowing Missourians to get a refund of the additional taxes paid. The first rebate cycle is rapidly approaching (all forms must be postmarked by Sept. 30 to qualify for a refund), so click here to submit Form 4923-H if you want to file a claim.

As always, I am honored to serve the citizens of the 8th Senatorial District. Please feel free to contact my office in Jefferson City at (573) 751-1464. For information about legislation I have sponsored or my work in the State Capitol, please visit my official Missouri Senate website.

Source link