Social Security Taxes For 2023 Exempted in Missouri After Governor Signs Bill

Governor Parson signed the Senate Bill 190 into law that exempted Social Security taxes for 2023 in the state of Missouri. The state joined 39 other U.S. states that adopted an exemption of the benefits from taxes.

On July 6, Governor Mike Parson signed the Senate Bill 190 into law which will exempt the Social Security taxes for 2023 in the state of Missouri beginning next year. Reports say Missouri joined 39 other U.S. states in adopting the exemption of the Social Security taxes for 2023.

According to Mueller, the bill to exempt the Social Security taxes for 2023 passed in the House by 154-2 during the final days of the session. Thereafter, in April, the bill passed the Senate 33-1. Further reports say the bill was one of the 31 bills signed into law to complete all legislation sent by the General Assembly.

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Social Security Taxes For 2023

According to Keller, to date, the residents of Missouri pay Social Security taxes for 2023 if a single individual’s adjusted gross annual income is $85,000. On the other hand, married couples pay taxes if their income is $100,000 or more.

In June, the Committee on Legislative Research published a fiscal note that explained the impact of exempting Social Security taxes for 2023 in the state. Missouri’s general revenue is estimated to decrease by around $130 million in the fiscal year 2024 and up to $309 million in the next two fiscal years.

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