Historic Tax Relief For Missouri Farmers
Greetings Friends of the 144th!
It seems that somewhere along the way we have stopped teaching our children “the secret of life”. The secret of life is this: The cow does not give milk.
The cow does not give milk, you have to milk it. You have to get up at 4 in the morning, go to the field, walk through the corral full of manure, tie the tail, hobble the legs of the cow, sit on the stool, place the bucket and do the work yourself.
That is the secret of life, the cow does not give milk. You milk her or you don’t get milk. There is this generation that thinks that cows GIVE milk. That things are automatic and free: their mentality is that if “I wish, I ask….. I obtain.”
They have been accustomed to get whatever they want the easy way…But no, life is not a matter of wishing, asking and obtaining. Life is not always easy. The things that one receives are the effort of what one does. Happiness is the result of effort. Lack of effort creates frustration.
So, share with your children from a young age the secret of life, so they don’t grow up with the mentality that the government, their parents, or their cute little faces is going to give them everything they need in life. Remember, “Cows don’t give milk; you have to work for it.”
Special Session Wraps up With Historic Tax Relief and Support for Missouri Farmers
The members of the Missouri House and Senate completed their work this week on a special session called by Gov. Mike Parson. Several weeks of work in Jefferson City produced both a bill to support the state’s farmers and legislation to enact historic tax relief for Missouri taxpayers. The day after the legislature finished its work, Gov. Parson signed both bills into law.
The Senate wrapped up its work this week by passing HB 3, which was previously approved in the House to promote and support the state’s agriculture industry. Supporters say the bill provides $40 million in incentives to support the state’s agriculture industry, which generates $94 billion in economic activity.
The bill extends and creates several agriculture tax credit programs. The sunset for each program will be for a minimum of six years.
The bill will:
Extend the expiration of the meat processing facility investment tax credit;
Create a tax credit program for retail dealers of higher ethanol blend fuels;
Create a tax credit program for retail dealers of biodiesel;
Create a tax credit program for Missouri biodiesel producers;
Create a tax credit program for establishing or improving urban farming operations;
Extend the expiration of the Rolling Stock Tax Credit program;
Extend the expiration of the Agricultural Product Utilization Contributor Tax Credit;
Extend the expiration of the New Generation Cooperative Incentive Tax Credit;
Exempt utility vehicles for agriculture use from state and local sales and use taxes;
Create the Specialty Agricultural Crops Act; and
Amend the Family Farms Act to modify the definition of small farmer.
The bill also creates four additional provisions pertaining to land surveys, commercial log trucking, anhydrous ammonia, and the state’s soybean producers assessment.
The House and Senate also approved SBs 3 & 5 to provide the largest income tax cut in state history to Missouri taxpayers.
The bill will:
Reduce the top individual income tax rate from 5.2 to 4.95 percent, resulting in the majority of taxpaying Missourians seeing an approximately five percent decrease in their tax liability;
Eliminate the bottom income tax bracket, allowing Missourians to earn their first $1000 tax free;
Allow an additional .15 percent top income tax rate reduction to 4.8 percent when net general revenues increase by $175 million;
Eliminate income taxes for individuals making less than $13,000 a year and couples making less than $26,000; and
Allow three additional .1 percent top income tax rate reductions in future years when net general revenue increases by $200 million, adjusted for inflation.
If the additional rate reductions are triggered by sufficient revenue growth, SBs 3 & 5 will reduce the top income tax rate in Missouri to 4.5 percent.
Every Missourian can support sending less of their money to the government. This historic tax cut means more money for Missourians to spend, invest, and save. It means economic growth, business expansions, and good-paying jobs for Missourians.
As always, please do not hesitate to reach out with any questions, concerns, or suggestions you might have. As your Representative, I am here to assist you however I can. I can be reached by email at Chris.Dinkins@house.mo.gov or by phone at 573-751-2112. Please do not contact me via social media. These messages are easy to overlook and may not be responded to in a timely manner.
Chris Dinkins is the area’s state representative for the 144th Legislative District. She can be reached by email ChrisDinkins@house.mo.gov or by telephone 573-751-2112