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Missouri residents could see a roughly $138 million tax break under legislation intended to offset a surge in local property tax collections caused by higher vehicle values. The state House overwhelmingly passed the legislation Thursday, sending it to the Senate. Missouri is among several states considering property tax cuts this year. Typically, the assessed value of vehicles declines as they get older. But used vehicle values surged during the coronavirus pandemic, resulting in higher tax bills for many people. State Rep. Mike McGirl says his bill is intended to return a part of that tax “windfall” by changing how vehicle values are calculated for taxes.
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House members on Wednesday voted to advance a proposal to cut the income tax rate for businesses and most Missouri residents to 5 percent as part of a…
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"Dynamic scoring" would favor tax cuts as a way to bring in more revenue for the government. But critics of the system are calling it "a gimmick."
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(Updated Thursday, May 29) Missouri Gov. Jay Nixon says that local governments stand to lose almost as much money as the state because of a final tax...
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Business and education groups are again drawing battle lines over a Missouri proposal to cut state income taxes.A coalition of elementary and secondary…
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Missouri Gov. Jay Nixon is raising new concerns that an income tax cut passed by the Legislature could have "cataclysmic" consequences for state…
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A tax-cut bill pending before Missouri Governor Jay Nixon would create a special deduction for thousands of business owners.Nixon has criticized the…
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The Missouri Senate has finally passed a tax cut bill, after different versions were blocked by Republicans who opposed a compromise between the fellow…
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Missouri House Republicans were told they could face primary opposition this year if they voted to sustain Governor Jay Nixon's veto of income tax cut…
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A new estimate puts the eventual cost of a Missouri Senate income tax cut plan at more than $620 million annually.The new projection from legislative…