Missouri House Supports Tax Cut Plan
(AP) - The Missouri House has endorsed a pair of tax cut plans that could reduce state revenues by hundreds of millions of dollars annually.
The bills given initial approval Wednesday in the Republican-led chamber could set up another showdown with Democratic Gov. Jay Nixon, who vetoed an income tax cut bill last year.
One of the bills could eventually cut taxes by $700 million annually. It would gradually reduce Missouri's top individual income tax rate to 5.3 percent from 6 percent and phase in a 50 percent deduction for business income reported on individual tax returns.
The other bill includes a similar business income deduction paired with a 50 percent cut in Missouri's corporate income tax rate. It's projected by legislative researchers to cost up to $347 million annually.
© Associated Press
MOST VIEWED STORIES
Walnut Township recall coming; Friday mtg erupts in arrest
Sabetha woman arrested in business burglary
Effingham teen facing child sex crimes charges
Severe storms move through NE KS
Document forgery alleged in ATCO's Walnut Township
Two Brown Co officers honored for their bravery
Severe storms reported Tuesday in NE KS
Two search warrants, two Horton homes, two arrests
Whiting woman pleads to theft of fire dept. funds
Atchison man nabbed for neighbor's 4 wheeler theft
Meriden man bound over on rape charge
Two men arrested in Jackson Co for distribute of meth
Winning lottery ticket sold in Falls City about to expire
Tornado damage surveyed in NE KS
Flags across KS to fly half-staff Sunday
Richardson County Deputies busy during special enforcement
Beef Barn replacement planned in Jefferson Co
LATEST STORIES
Two search warrants, two Horton homes, two arrests
Brown Co Sheriff's Office releases April stats
Flags across KS to fly half-staff Sunday
Commission takes action related to bridge project
Whiting woman pleads to theft of fire dept. funds
Two men arrested in Jackson Co for distribute of meth
Winning lottery ticket sold in Falls City about to expire