(AP) — Missouri taxpayers could get a break on income taxes under a proposal passed by the state Senate.
The GOP-led chamber on Wednesday voted 24-4 in favor of the bill. The measure now heads to the Republican-led House for consideration.
The bill would cut the top income tax rate from 5.3% to 4.95% in 2023. Most Missourians pay the top income tax rate.
Income taxes could gradually fall to as low as 4.5% if the state meets revenue growth benchmarks tied to inflation.
The measure also eliminates the lowest tax bracket, meaning earners who bring in less than about $1,000 a year would no longer have to pay state income taxes.