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Health & Fitness

Legislature Overturns Governor's Tax Cut Veto

JEFFERSON CITY- On May 6, the Missouri House of Representatives successfully overturned Governor Nixon’s veto of Senate Bill 509, sponsored by Senator Will Kraus. This bill offers Missourians the first tax cut in almost 100 years, provides tax relief to small businesses, and updates our state’s income tax brackets.

The bill will gradually reduce Missouri’s top income tax rate from 6% to 5.5%, and includes a tax deduction for business income, phasing in a 25% deduction by 5% increments over a period of no less than five years. To ensure that low income families benefit from the legislation as well, there is an additional $500 tax exemption for individuals who have an adjusted gross income of less than $20,000. Both of the tax reductions are contingent upon the state’s general revenue increasing by a minimum of $150 million from what revenue was before each tax cut. These triggers will protect state revenue and promote economic growth in the state.

“The passage of this bill provides much-needed tax relief to Missouri families and businesses,” Representative Sue Allen (R – Town and Country) said. “Eighteen states cut taxes last year, and lowering our state’s tax burden will encourage job creation and help Missouri remain economically competitive. This was a historic vote, and I was glad to be part of the override.”

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Tax relief has been a top priority of House leadership over the past couple of years. Republicans were able to unify around Senate Bill 509, with the entire caucus voting in favor of the override. The veto was overridden by a vote 109-46, and one Democrat, Representative Keith English, voted alongside Republicans. Senate Bill 509 will not go into effect until 2017.


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