Missouri Governor Set to Sign Income Tax Cuts

On Thursday, Missouri Governor Mike Parson (R) is set to sign House Bill 2540, which cuts the top rate of the individual income tax from 5.9 to 5.5 percent next year, while continuing with triggered reductions that could potentially bring the top rate to 5.1 percent. Federal tax reform changed the landscape in the states. Most states captured at least some of the federal law’s base broadening, while the corresponding rate reductions do not flow through to states. Consequently, most states could expect additional revenue. Missouri’s situation turned out to be one of the more complex. The state’s standard deduction conforms to the federal standard deduction, which nearly doubled under the new law—a substantial savings for taxpayers. Its personal exemption, however, was $2,100 for each exemption a taxpayer is entitled to take at the federal level. The new law wiped out personal exemptions, but it did so by setting their value to $0 (resulting in them being…

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