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JEFFERSON CITY, Mo. (AP) - Two alternative plans are expected to emerge from a Missouri House committee that has been looking at potential income tax cuts.
 
The House Ways and Means Committee is expected to vote Tuesday evening on the legislation.
 
One plan would gradually reduce Missouri's top individual income tax rate from 6 percent to 5.3 percent. It also would phase in a 50 percent deduction for business income reported on individual tax returns. And it would increase the current tax deduction for lower-income individuals.
 
The other plan targets only businesses. It includes a similar business income deduction, as well as a gradual 50 percent reduction in Missouri's corporate income tax rate.
 
Gov. Jay Nixon vetoed an income tax cut last year and has again emphasized concerns about the effect on education funding.
Published in Local News
Wednesday, 11 September 2013 02:16

MO income tax cut faces challenge in veto session

   JEFFERSON CITY, Mo. (AP) - A Republican push to cut Missouri's income taxes faces resistance as lawmakers decide whether to override Gov. Jay Nixon's vetoes.

   The Republican-led Legislature convenes Wednesday for a veto override session. The tax cut is the highest profile issue out of Nixon's 33 vetoes.

   The legislation would phase-in hundreds of millions of dollars of income tax cuts for businesses and individuals. Republican legislative leaders say it would spur the economy and help Missouri compete against recent tax cuts in Kansas and other states.

   But Nixon says the lost revenues could jeopardize education funding. And he says a drafting error would impose sales taxes on prescription drugs.

   A veto override requires a two-thirds majority in both chambers. Supporters may fall short in the House, because several Republicans plan to vote "no."

 
Published in Local News

JEFFERSON CITY, Mo. (AP) - Missouri Gov. Jay Nixon has no plans to call a special legislative session to craft a new version of a bill cutting income taxes.

Nixon spokesman Scott Holste said Wednesday that trying to put together a new bill at the last moment would be an irresponsible approach to a complex issue.

Nixon vetoed a bill earlier this year that would cut income taxes. Lawmakers are to convene Sept. 11 to consider overriding that veto.

Republican House member T.J. Berry, of Kearney, was the sponsor of that bill. He had asked Nixon to call a special session to begin the same day as the veto session. Berry says lawmakers could correct problems Nixon noted in the legislation.

Holste says Nixon is willing to work on the issue during the 2014 session.

 

Published in Local News

JEFFERSON CITY, Mo. (AP) - Political activist Rex Sinquefield has contributed $1.3 million to a business coalition that supports an income tax cut.

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

The group is launching a campaign to persuade legislators to override Gov. Jay Nixon's veto of a bill that would phase in various income tax reductions. The bill would cut tax rates for individuals and corporations and create a new deduction for business income reported on individual tax returns.

Two of the members of the new coalition are the Missouri Chamber of Commerce and Industry and the Associated Industries of Missouri. Both plan to begin airing TV ads next Monday supporting a veto override.

 

Published in Local News

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