As Show-Me State’s General Assembly Convenes, Tax Cuts Take Effect

January 4, 2023 Last Edit: March 19, 2026

The state’s tax cuts drop the individual rate to 4.95 percent and exempt the first $1,000 in income from taxes

As Show-Me State’s General Assembly Convenes, Tax Cuts Take Effect

As Missouri’s General Assembly gaveled into session on Wednesday, the state’s recently passed tax cuts when into effect, dropping the individual rate to 4.95 percent and exempting the first $1,000 in income from taxes. These tax cuts are welcome news to small businesses. As the latest National Federation of Independent Business Small Business Optimism Index revealed, inflation remains the No. 1 problem facing Main Street. And far too many employers are unable to find workers, while many communities’ lack of access to broadband puts small businesses at a competitive disadvantage. Cutting taxes was a crucial first step. But as prices continue to skyrocket and workers remain scarce, job creators will be asking state lawmakers to do no harm and to act in the best interest of small businesses.

Topics:

Taxes

State:

Missouri

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Learn More

Open office scene with two workers at desks and large computer monitors, a man stands by a kitchen railing in the background.

July 15, 2026

State Policies Impacting Small Businesses

States considered small business measures during the 2026 legislative sessions, including taxes, minimum wage, extreme heat standards, IRC conformity, and tort…