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Governor Parson Signs Agriculture Tax Credit Legislation and State’s Largest Tax Cut into Law

Jefferson City, Mo. — On Wednesday, Governor Mike Parson held a press conference and signed agriculture tax credits and income tax cut legislation recently passed by the Missouri General Assembly during special session.

The agriculture legislation includes a $40 million tax credit package. It extends several agricultural tax credits that expired and creates some new tax credits. The other piece of legislation is a $1 billion income tax cut plan for Missourians, the biggest tax cut in state history. The income tax rate would gradually be cut from the current 5.2% to 4.5% over the course of several years if certain factors are met. The legislation also eliminates the lowest state tax bracket. Meaning Missourians earning less than $14,000 annually would not owe income taxes.

“This is a big win for Missourians,” Said Charlie Dalton, Executive Director of the Missouri Republican Party. “President Biden’s policies have been disastrous for Missourians. The price of groceries is up, gas is up, wages are falling, we all have less in savings now. Missourians needed this tax cut. Congratulations to the governor on getting it done. Everyone benefits from good conservative policies.”

 

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