Home Credit report Senator Karla May’s “May Report” for the week of September 19, 2022 – Missouri Senate

Senator Karla May’s “May Report” for the week of September 19, 2022 – Missouri Senate

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Last week, my fellow lawmakers and I returned to the State Capitol to convene the annual veto session and an additional legislative session called by the Governor to deal with income tax cuts and various agricultural provisions. .

Veto session

Each year, the Missouri General Assembly meets for the constitutionally required veto session to discuss whether or not to override one of the governor’s vetoes. A two-thirds vote of the Missouri Senate and House of Representatives is required to override a veto.

Earlier this summer, the governor vetoed House Bill 2090, which included a provision that would allow qualified taxpayers to claim a $500 tax credit for those earning less than $150,000 and a $1,000 credit. $ for couples earning less than $300,000. The governor preferred to give an income tax cut to all Missourians, so he called lawmakers back for an extra session to pass this legislation. The Governor also vetoed the 1720 House Bill, citing a desire to establish a six-year sunset on farm tax credits included in the bill, instead of the two-year sunset that was adopted in HB 1720.

This year, both houses of the Legislative Assembly took no action on vetoed bills, and we adjourned to end the veto session on Wednesday, September 21.

Extraordinary session

The Governor has called lawmakers back for an additional legislative session to address his concerns about HB 2090 and HB 1720. The General Assembly can only pass laws on topics that the Governor has specified in his call, so we will focus on income and farm tax cuts. tax credits.

Senate Bills 3 and 5 would lower Missouri’s top tax rate from 5.3% to 4.95% starting in 2023 and contain triggers to continue lowering the top tax rate to 4.5% as long as Missouri’s economy grows. This legislation would also eliminate the lowest tax bracket. The Missouri Senate passed these bills on Wednesday, September 21 and sent them to the Missouri House of Representatives for consideration.

Senate Bill 8 was also introduced during the extra session to address the governor’s concerns. The bill includes several agricultural provisions, including the wood energy tax credit, the meat processing facilities tax credit, the ethanol tax credit, the biodiesel retail tax, biodiesel production tax credit, urban farm tax credit, rolling stock tax credit, farm machinery sales tax. Exemption and tax credits for agricultural production. This act also establishes a specialty crop loan program for family farmers and expands the definition of “small farmer” in the Family Farms Act to include farms with gross sales of less than $500,000 per year. The Missouri Senate passed SB 8 on Wednesday, September 21, and sent it to the Missouri House of Representatives for consideration.

At this time, we expect to complete an additional session in the next two weeks, so I look forward to sharing more of our progress with you then.