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Saturday, 09 November 2013 09:18

Ballot proposal seeks cap on Mo. tax credits

JEFFERSON CITY, Mo. (AP) — A coalition backing a Missouri income tax cut has put forward a potential ballot initiative limiting state tax credits.

Grow Missouri says it filed two initiatives Friday with the secretary of state's office that would amend the Missouri Constitution to curb tax credits.

One plan would impose a $200 million annual cap on tax credits; the other would ban all new tax credits upon voter approval of the amendment on the November 2014 ballot. If the state nonetheless exceeds the tax credit caps, the proposals would trigger an automatic reduction in the state's income tax rate.

The treasurer for Grow Missouri says the group plans to file additional ballot initiatives in the coming weeks that would reduce Missouri's income tax rates for businesses and individuals.

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