Possible Missouri Tax Cut Working through Jefferson City
The Missouri Senate passed a tax bill that would cut income taxes annually for residents and businesses but increase state sales taxes.
The bill would reduce Missouri’s income tax for individuals and corporations by three-quarters of a percentage point over five years while increasing the state sales tax by one-half cent over the same time, the Kansas City Star reports. The net effect could be about a $450 million reduction in state tax revenue.
The Senate voted 23-11 on Tuesday, sending the legislation to the House. If it passes the House, it may well face a veto by the Governor.