Last spring, after finishing work on the state's
In June, Gov.
Because of all of this, farmers are going to get money that otherwise would have gone mostly to highways, school transportation and K-12 education, which absorbed the brunt of the budget hold-backs. It could be farmers' tax refunds won't amount to
This is what happens when you have a lot of needs and not enough money to meet them. Relative to their tax burden when the 1980 Hancock Amendment was passed to block the state budget from growing faster than the average family's budget, Missourians are currently undertaxed by about
In fact, a 2012 study by the
Crop insurance payments were paid out in 2013 and thus were taxable in 2014. The
But by passing Senate Bill 641, and then overriding Nixon's veto, the Legislature decided that from now on, and retroactively to 2014, crop insurance payments no longer are subject to the state income tax. With enough tax-free, taxpayer-subsidized insurance, some farmers could be praying for drought.
It's good to be a farmer.
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