Governor Jay Nixon (D) will make a series of stops in the state today to discuss what he will do with a proposed income tax cut sent to him last week by the state legislature.
Nixon’s office issued releases saying he will “discuss his actions on Senate Bill 509,” but it doesn’t say what those actions will be or whether he will execute them today.
Nixon is expected to veto the bill that he has called a “reckless fiscal experiment,” and has said looks much like HB 253 that he vetoed last year. He says the legislation would take $620-million annually from public education and other state programs.
Republicans say the bill’s tax cuts would only be triggered in a year after net general revenue increases by at least $150-million.
The proposal would reduce the top personal income tax rate of 6-percent to 5.5-percent by 1/10 of a percent annually beginning in 2017 if state general revenue continues growth. The bill would also phase in a 25-percent individual income tax deduction for business income.
Republican legislative leaders say if Nixon vetoes the bill they will attempt to override it before the end of the session May 16.
Nixon will discuss his intentions this morning at the University of Missouri-Kansas City, this afternoon at Missouri State University in Springfield and at his office in the State Capitol, and this evening he will discuss “the impact of Senate Bill 509 on public education” at the Columbia Public School District.