Tax cut “trigger” laws could drop income tax rates in three states next year if the right fiscal conditions are met, a result of tax policy changes instituted in response to the Covid-era revenue boom.
In Missouri, officials can already confirm the state’s top tax rate — which applies to taxable income over $8,449 — will drop from 4.95% to 4.8%. Louisiana and South Carolina could meet rate cut requirements, but it’s too soon to know if they were met.
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