JEFFERSON CITY, Mo. — Missouri remained compliant with the Hancock Amendment in FY 2015, according to report released by the state auditor’s office.
The Hancock Amendment to the Missouri Constitution limits how much of Missourians’ personal income can be taxed and the report found that in 2015, the state taxed below the threshold.
“For the 2015 Fiscal Year, total state revenue was $10.15 billion, approximately $3.9 billion under the threshold, which means the state is in compliance, and no revenues are due to be refunded for the 16th year in a row,” the report says.
The Hancock Amendment also requires the approval of voters if taxes and fees would increase above a certain amount. In 2015 that amount was $94.6 million. The report found that these taxes and fees decreased during that fiscal year by $20.8 million.
The auditor’s office reviews the state’s compliance with the Hancock Amendment annually.