Federal Tax Overhaul Expected to Have Little Impact on Missouri - KOAM TV 7

Federal Tax Overhaul Expected to Have Little Impact on Missouri Revenue


    Missouri's revenue director says a federal tax overhaul should have a relatively minor effect on the state's bottom line.
    Missouri is one of 20 states with laws that automatically apply federal tax changes to state income taxes.
    Missouri Department of Revenue Director Joel Walters says a larger federal standard deduction would carry over to Missouri and reduce its revenues, but that would be offset by other parts of the federal tax changes that could result in higher state tax revenues.
    Walters said Tuesday that budget officials are still working on projections, but he thinks that the federal tax changes could result in "a relatively narrow plus or minus" of around $100 million to the state's tax revenues.
    By comparison, Missouri's overall budget is more than $27 billion this year.
    The U.S. House approved the $1.5 trillion federal tax package Tuesday afternoon.  The U.S. Senate was expected to vote Tuesday evening.

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