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State roughly $4.2 billion under Hancock Amendment limit in 2017

JEFFERSON CITY, Mo. — Missouri remained compliant with the Hancock Amendment in FY 2017, according to a 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 2017, the state taxed below the threshold.

“For the fiscal year ended June 30, 2017, total state revenue was approximately $4.2 billion under the refund threshold. As a result, no refund is due for the year ended June 30, 2017,” the report concluded. “This revenue limit has not been exceeded since the year ended June 30, 1999.”

The Hancock Amendment also requires the approval of voters if taxes and fees would increase above a certain amount. In 2017 that amount was $101.5 million. The report found that these taxes and fees decreased during that fiscal year by $2.3 million. The net increase did not include four bills for which the fiscal impact could not be projected.

The 2016 legislative session is the only year the taxes and fee increase limit has been projected to be exceeded.

The auditor’s office reviews the state’s compliance with the Hancock Amendment annually. Read the full report here.