corporate income tax

Missouri revenues up 2.2 percent for year

Dec 3, 2013

Missouri budget officials say the state's tax revenues have increased 2.2 percent through the first five months of the current fiscal year.

The state's Office of Administration on Tuesday released collection figures for the period from July 1 through the end of November.

The report says Missouri collected $2.19 billion in individual income taxes through November, up 2.6 percent from the $2.13 billion collected in the same period last year. Sales and use tax collections are up 2.9 percent this year.

Corporate income taxes are up about 32 percent for the year.

Missouri Gov. Jay Nixon called for a temporary halt to what’s known as the economic “border war” between Kansas and Missouri Tuesday, in an address to the Greater Kansas City Area Chamber of Commerce.

KBIA File Photo

A new political group is launching a campaign to persuade legislators to override the governor's veto of a bill that would phase in various income tax reductions. Political activist Rex Sinquefield has contributed $1.3 million to a business coalition that supports a cut in income taxes.

The contribution reported Thursday on the state Ethics Commission website provides the financial foundation for a newly formed committee called Grow Missouri.

The Missouri Senate has passed legislation phasing in a potential $700 million income tax cut for businesses and individuals.

The legislation approved 24-9 Wednesday by the Republican-led Senate is intended to counteract a large income tax cut that took effect this year in Kansas. The bill now goes to the House.

It would gradually cut the individual income tax by one-half of a percentage point and the corporate income tax by three percentage points over a decade. But each incremental cut would take effect only if annual revenues rise by at least $100 million.

state capitol
Ryan Famuliner / KBIA

Missouri House members have approved a trio of measures that would reduce taxes for some businesses.