Aides: Tax Cut Likely Off Table Next Year In Missouri

JEFFERSON CITY, Mo. (AP) — Missouri political aides are warning that a state income tax cut is probably off the table next year after revenues fell short of their target.

Preliminary figures show tax money flowing into state coffers during the most recent fiscal year grew by just under $100 million for the second time since 2006

The less than 1 percent growth in net revenue does not appear to meet the threshold needed to lower the top income tax rate of 5.4 percent to 5.3 percent. Phased-in tax cuts were approved by the Republican-led Legislature and GOP Gov. Mike Parson last year.

Adam Koenigsfeld, the Senate’s chief budget analyst, wrote in a memo obtained by the newspaper that he doesn’t foresee that trigger being hit.