Huge Missouri Tax Cut Largely Hypothetical

4 years 8 months 3 weeks ago Monday, September 02 2013 Sep 2, 2013 Monday, September 02, 2013 12:29:34 PM CDT September 02, 2013 in News
By: The Associated Press

JEFFERSON CITY - Governor Jay Nixon says a clause in the income tax cut bill that he vetoed could have triggered a $1.2 billion run on the state treasury.

Attorney General Chris Koster agreed with Nixon's legal analysis this past week. But the projection remains largely hypothetical.

The Missouri bill would trigger a one-half of a percent reduction in state income tax rates if the federal government enacts a measure making it easier for states to collect online sales taxes.

That bill has stalled in the U.S. House. But if it passes, then all of Missouri's roughly 2.8 million income taxpayers would have to amend three years of tax returns for Nixon's projections to hit in a single year.

The courts likely would have to determine whether the retroactive tax refund is legal.

 

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