Aides: Tax Cut Likely Off Table Next Year in Missouri
Missouri political aides are warning that a state income tax cut is probably off the table next year after revenues fell short of their target.
The St. Louis Post-Dispatch reports that preliminary figures show tax money flowing into state coffers during the most recent fiscal year grew by just under $100 million for the second time since 2006
The less than 1 percent growth in net revenue does not appear to meet the threshold needed to lower the top income tax rate of 5.4 percent to 5.3 percent. Phased-in tax cuts were approved by the Republican-led Legislature and GOP Gov. Mike Parson last year.
Adam Koenigsfeld, the Senate’s chief budget analyst, wrote in a memo obtained by the newspaper that he doesn’t foresee that trigger being hit.