Missouri Department of Revenue Director Joel Walters recently issued the following statement:
“Passed by the Missouri Legislature in 2014, Senate Bill 509 called for a reduction to the individual income tax rate and created a deduction for business income, with both changes to be phased in over a period of years beginning in 2017. As a safeguard, the measure contained a trigger mechanism requiring the state’s net general revenue to increase by at least $150 million before the changes could take effect.
“Since state revenue surpassed the $150 million threshold during the last fiscal year, as of January 1 the department has made the necessary changes triggered by SB 509 and we’ve worked to ensure taxpayers can easily locate the new tables in our forms, manuals and online.
“Additionally, taxpayers will notice that tax brackets have been bumped up to reflect the change in the Consumer Price Index.”