New Income Tax Rates in January

(Jefferson City, MO) Missourians will see changes in their income tax rate now that Governor Mike Parson has signed measures passed during the recent special session of the Missouri Legislature. The State Representative for the 116th District, Dale Wright, says the new rate will take effect with the start of the new calendar year, January 1st.

Wright adds the first trigger for lowering the rate again would be when the state grows by $175 million dollars. The next trigger would be struck when that growth would reach another $200 million. Legislators also passed agricultural tax credits which were also signed by the Governor.