individual income tax

Missouri House Advances Plan to Cut Income Tax Rate

Apr 5, 2018

House members on Wednesday voted to advance a proposal to cut the income tax rate for businesses and most Missouri residents to 5 percent as part of a broader Republican-led effort to change state tax law.

File

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.