Lawmakers' Vote Not Final Say on Missouri Tax Cut

3 years 1 month 2 weeks ago May 04, 2014 May 4, 2014 Sunday, May 04 2014 Sunday, May 04, 2014 10:13:00 AM CDT in News
By: The Associated Press

JEFFERSON CITY (AP) - Missouri lawmakers plan to vote this week on whether to enact an income tax cut by overriding a veto by Gov. Jay Nixon.

But that won't be the last factor in determining whether the tax cut actually occurs.

The legislation would phase in the tax cut starting in 2017. But each step would require annual revenues to grow by at least $150 million over their high mark from the previous three years.

Had the same criteria been in place during the past decade, the tax cut would have occurred in half of the years.

Going forward, the tax cut trigger would require revenue growth of a little less than 2 percent. That's comparable to the rate of inflation over the past couple of years.

 

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