Missouri appears on track for income tax cuts
JEFFERSON CITY, Mo. (AP) _ Missouri revenue growth appears to have reached the threshold to trigger income tax cuts.
Data released Wednesday by the state budget director show net general revenues hit more than $9 billion during the fiscal year that ended Saturday. That’s a 2.6 percent increase compared to the year before.
Revenues appear to have grown enough in recent years to trigger gradual income tax cuts passed by lawmakers in 2014. Missouri Office of Administration spokeswoman Ryan Burns said whether the cuts will take effect is currently under review.
If they do kick in, the top individual income tax rate will drop from 6 percent to 5.9 percent in January 2018.
It also would trigger a 5 percent deduction for business income reported on individual income tax returns, starting in January.