Originally published on Thu March 28, 2013 7:51 pm
Missouri’s budget for the next fiscal year has been passed by the State House.
While Medicaid expansion has dominated most of the debate, spending hikes were approved in other areas. There’s an extra $65 million for K-12 schools, although the increase still falls short of fully funding the state’s public school formula. Republican Mike Lair of Livingston County chairs the Appropriations committee on Education.
The Missouri Senate has passed an unusually large number of tax cuts, credits, deductions and increases at the midway mark of the legislative session.
The bottom line could be a net gain in state revenues, if all the proposed changes become law.
A calculation prepared for The Associated Press by former legislative tax analyst Brian Schmitt shows that Missouri may reap $355 million in 2016, with that gradually decreasing to $118 million by 2019.