A majority of Missouri residents and small business owners will see their personal income tax bills go down in 2018, according to Missouri Sen. Will Kraus. Pursuant to S.B. 509, Laws 2014, beginning in 2017, if net general revenue collected in the previous fiscal year exceeds the amount collected in any one of the three previous years by at least $150 million, the top Missouri personal income tax rate will go down by 0.1%, and a personal income tax deduction will be allowed equal to 5% of business income. The trigger point for these tax cuts was recently met. The legislation provides for increasing tax cuts over a five-year period, provided the revenue target continues to be met each year. In the event of another economic downturn, the tax cuts will stop until revenue increases again.
News Release, Missouri Sen. Will Kraus, July 10, 2017