Latest News and Updates

PRESS RELEASE

Treasurer Schmitt urges legislators to not block tax relief in upcoming session


Thursday, December 21, 2017

JEFFERSON CITY, Mo — Missouri State Treasurer Eric Schmitt today sent a letter to all members of the Missouri General Assembly urging them to allow tax relief to take effect by not decoupling Missouri’s standard deduction from its federal counterpart. 

The standard deduction, which makes a portion of a taxpayer’s income exempt from taxation, will nearly double under the federal tax reform bill passed by Congress yesterday. Since Missouri’s standard deduction is linked to the federal figure those changes will automatically carry through to the state tax code, barring legislative action.

“I sincerely believe letting Missourians keep more of their hard-earned money is always the right thing to do,” wrote Schmitt. “Allowing Missouri’s standard deduction to be nearly doubled is one way to achieve that goal, and I encourage you to remain steadfast in your opposition to any measure that would reverse or prevent that automatic change.”

The full text of the letter is available here.