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JEFFERSON CITY, Mo. – A Missouri Senate panel has declined to advance a proposed tax overhaul following estimates that it would cost the state $126 million.

The tax bill hit a roadblock Thursday in the Senate’s Fiscal Oversight Committee. No senators volunteered to second the chairman’s motion to pass the bill, effectively blocking it.

The committee’s inaction deals a blow to Republican-led efforts to change state tax policy this year.

While House lawmakers passed another tax overhaul, it’s unclear if that plan will fare well in the Senate, where the top Republican has expressed concerns over the potential financial impact to the state.

Republican Sen. Bill Eigel’s tax plan would reduce the top individual income tax rate from its current 5.9 percent to 5.25 percent in 2019, among other changes.