Missouri Tax Cut Bills Advanced by Committees

3 years 2 weeks 1 day ago April 11, 2014 Apr 11, 2014 Friday, April 11 2014 Friday, April 11, 2014 3:14:00 AM CDT in News
By: The Associated Press

JEFFERSON CITY (AP) - Missouri's Republican lawmakers are advancing a pair of tax cut proposals for potential debate in the coming weeks.

A House committee on Thursday endorsed legislation already passed by the Senate that would cut income tax rates for individuals and some business owners. That proposal is projected by legislative researchers to reduce state revenues by $620 million annually when fully phased in.

Also Thursday, a Senate committee changed and endorsed a tax cut bill that previously passed the House. The revised plan would cut income taxes only for businesses, not individuals. Its cost is estimated at about half the amount as the other bill.

Committee approval of the bills means they could soon be considered by the full House and Senate.

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