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We Have a Pope!
Pope Leo XIV was elected the 267th Pope on Thursday, May 8th at the Vatican in Rome. Born Robert Francis Prevost in Chicago, the new Pope is the first American-born prelate elevated to the papacy in the history of the Catholic Church. It is expected that Prevost will continue the legacy of Pope Francis in support of the poor, immigrants and the environment. Prevost spent significant amounts of time in Peru and has duel Peruvian/American citizenship, giving him a special connection to Latin America and its people. A reaction from Bishop Barron, also from Chicago, to his elevation to the state of Pope can be found here.
Missouri General Assembly To Pass Final Budget Bills Today
The Missouri General Assembly will complete its work on the state budget today, sending a spending plan to the Governor outlining a FY ’26 spending plan totaling around $53.5 billion. The compromise budget bills, negotiated over the last two days by members of the respective House and Senate budget conference committees, would increase funding for the state school foundation formula by $300 million, while also appropriating $50 million towards the MO Scholars program, a program that allows students whose families meet certain income thresholds to apply for scholarships to attend private schools. This would be the first year that the legislature would appropriate money directly to the program. Previously, the program raised funds by offering tax credits for private donations to the program. Those credits are still available, but the direct state appropriation will make more scholarships available.
Bill Eliminating State Tax on Capital Gains Sent to the Governor
The Missouri General Assembly also sent HB 594, sponsored by Rep. Chad Perkins (R-Bowling Green), to the Governor for his signature this week. HB 594 eliminates state taxes on capital gains and was one of Governor Kehoe’s legislative priorities. According to the latest fiscal note, it is expected to reduce state revenue by approximately $350 million. The bill also includes revisions to the circuit breaker tax credit, a credit that provides a tax break for low-income seniors based upon the property taxes paid for their homes (owners) or apartments (renters). The revisions increase the income threshold to qualify for the credit as well as increase the amount of the tax credit available.
The legislature will wrap up its work next week.
Deacon Tyler
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