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Governor Mike Parson signs income tax bill Thursday

ST. LOUIS – Missouri Governor Mike Parson will sign a bill Thursday, July 12  to lower the state’s income tax rate.

The bill is under the plan approved by lawmakers in last May.

The individual income tax rate will decrease on January 1, from 5.9 percent to 5.5 percent. The rate would gradually drop to 5.1 percent if the state meets revenue targets.

When fully implemented in 2023 analysts say the bill will result in $5. 8 million dollar decrease in revenue for the state.