Tax Cut Bill Signed

1 decade 2 years 4 months ago Thursday, July 05 2007 Jul 5, 2007 Thursday, July 05, 2007 9:45:22 AM CDT July 05, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
JEFFERSON CITY (AP) - Missourians will be getting a tax cut on their Social Security benefits. Gov. Matt Blunt is signing legislation that would gradually exempt most Social Security benefits from state income taxes, starting this year and being phased in through 2012. The legislation contains a similar tax break for some people who opted out of Social Security for their pension systems. That includes teachers, firefighters, police officers, military personnel, federal employees and railroad workers. Once it's fully phased in, the tax cut is estimated to cost the state $154 million. Blunt and House Speaker Rod Jetton are touring the state Thursday to promote the bill signing.

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