New Year Means Mo. Wage Hike, Business Tax Cut
JEFFERSON CITY (AP) - Wages will rise for Missouri's low-income workers and taxes will fall for some corporations when the new year arrives.
Missouri's minimum wage will increase for about 100,000 workers from $7.35 an hour to $7.50. The increase is a result of an annual inflationary adjustment included in a law passed by voters in 2006.
The state's corporate franchise tax rate also will ratchet down in 2014. That's the result of a 2011 law passed by legislators that gradually phases out the franchise tax by 2016.
Other new laws taking effect Wednesday are the result of bills passed in 2013. Those include additional health screenings for newborns and new benefit entitlements for workers' compensation claims stemming from serious illnesses.