ST. LOUIS, Mo. -

Governor Nixon Thursday vetoed Senate Bill 509, otherwise known as the income tax bill.

A news release stated Nixon called the bill an "unaffordable, unfair and dangerous scheme that would drain funding from public services and do nothing to help working families."

“Instead of helping middle-class families get ahead, the money this bill would drain from our classrooms and college campuses would go to line the pockets of lawyers, lobbyists and other wealthy individuals – while an average family would get just 32 bucks. Weakening support for vital public services like those provided here at Hubert Wheeler in order to shower windfalls on the well-heeled is wrong and would take our state backward," said Nixon in the same release.

According to an estimate produced by lawmakers, Senate Bill 509 would reduce state revenues by more than $620 million annually when fully implemented. Data released by the Missouri School Boards Association showed that Senate Bill 509 would reduce state support for K-12 school districts by $223 million annually. 

Thursday was the last possible day for the decision.

Nixon announced the veto while on a visit to the Gateway/Hubert Wheeler School in St. Louis.