SB 509 reduces the income tax rate for a majority of Missourians from six percent to 5.5 percent over a five year period.
Starting in 2017, the legislation lowers the tax rate one tenth of a percent every year until it reaches 5.5 percent. The tax cut only kicks in if the state sees increased revenue.
"What we are doing in Missouri is a much different, much more reserved, much more balanced approach to find ways to put more money back in people's pockets, individual's pockets, business owner's pockets and to find a scenario where we can get out of the economic development rut," said Rep. Caleb Rowden, a Republican from Columbia.
The legislation requires revenue to grow by $150 million before any reduction in the income tax rate can take effect.
SB 509 carries a $620 million price tag, a number opponents claim could be disastrous for the state.
"When we decrease revenue we are taking dollars away from our children's education lets be honest about that. There is just no way around that fact, this is not consistent with the promises that we made to the citizens of Missouri," said Rep. Genise Montecillo, a Democrat from St. Louis.
The Missouri House passed the tax cut legislation with more than 100 yes votes and sent it to the Governor for his consideration.
In 2013, Governor Nixon vetoed a similar tax cut proposal.
"I can't speak as to why the Governor opposes it. It seems like no matter what bill is brought up he opposes something in that bill yet you can never get him to the table to actually negotiate on an actual bill that is realistic to pass," said Rep. John Diehl, a Republican from Town and Country.
The bill now goes to the governor's desk for his signature. The Senate returns to session Tuesday after Easter break.
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