Missouri businesses could see tax cuts in 2020

2 weeks 1 day 4 hours ago Thursday, January 02 2020 Jan 2, 2020 Thursday, January 02, 2020 2:50:00 AM CST January 02, 2020 in News
By: Kelley Collins, KOMU 8 Reporter
Businesses in Missouri will see tax cuts in 2020 where some corporations could see more.

JEFFERSON CITY - Businesses in Missouri will see tax cuts in 2020 and some corporations could see more.

Missouri’s new corporate tax rate dropped from 6.25% to 4%; one of the lowest rates in the US.  

Former Gov. Eric Greitens, hours before his resignation, signed the give-and-take tax law. It took effect on January 1 for the start of the 2020 tax year.

In the US, only 44 states have an income tax. Although Missouri’s new rate is low, the lowest is North Carolina at 2.5%.

Sara Paben, the owner of a Columbia cafe, said after meeting with her CPA, there are a lot of changes that are being made.

“With sales tax and state tax, small businesses get taxed tremendously. So, it really does help with that because with our CPA this a couple days ago we were looking over things and there are a lot of changes being made so it really accommodates for those changes to be not so drastic,” Paben said.

The Missouri Budget Project, which analyzes financial issues, estimates the tax cut could save 28-million dollars for low income residents.

Individual income tax rates were also cut from 5.9% to 5.4%, which also went into effect January 1.

More News

Grid
List
MID-MISSOURI - Another week in January, and another winter storm. This time around it will likely all happen in one... More >>
2 hours ago Friday, January 17 2020 Jan 17, 2020 Friday, January 17, 2020 4:51:00 AM CST January 17, 2020 in Weather
COLUMBIA - With colder temperatures expected to arrive in mid-Missouri, shelters are preparing to care for those in need. ... More >>
12 hours ago Thursday, January 16 2020 Jan 16, 2020 Thursday, January 16, 2020 6:27:00 PM CST January 16, 2020 in News
COLUMBIA - One Missouri lawmaker's bill could create new curriculum for schools in the state. House Bill 2153, sponsored... More >>
14 hours ago Thursday, January 16 2020 Jan 16, 2020 Thursday, January 16, 2020 5:21:00 PM CST January 16, 2020 in News
JEFFERSON CITY (AP) — Missouri Gov. Mike Parson said Thursday that he plans to fight efforts to expand the number... More >>
15 hours ago Thursday, January 16 2020 Jan 16, 2020 Thursday, January 16, 2020 4:06:00 PM CST January 16, 2020 in News
NEW FRANKLIN — In a Facebook post Wednesday afternoon, New Franklin police chief Mike Wise announced plans to step down.... More >>
17 hours ago Thursday, January 16 2020 Jan 16, 2020 Thursday, January 16, 2020 2:14:00 PM CST January 16, 2020 in News
BOONVILLE - The announcement of Pinnacle Regional Hospital's closing came suddenly this week, even catching residents off guard who expected... More >>
17 hours ago Thursday, January 16 2020 Jan 16, 2020 Thursday, January 16, 2020 1:57:00 PM CST January 16, 2020 in News
WASHINGTON (AP) — The White House violated federal law in withholding security assistance to Ukraine, an action at the... More >>
18 hours ago Thursday, January 16 2020 Jan 16, 2020 Thursday, January 16, 2020 12:35:15 PM CST January 16, 2020 in News
WASHINGTON DC - The United States Senate passed the United States-Mexico-Canada Agreement, 89-10, on Wednesday morning, and Senators Josh Hawley... More >>
19 hours ago Thursday, January 16 2020 Jan 16, 2020 Thursday, January 16, 2020 11:32:00 AM CST January 16, 2020 in News
COLUMBIA - The City of Columbia is preparing for a possible winter storm forecast for Friday, Jan. 17, per a... More >>
20 hours ago Thursday, January 16 2020 Jan 16, 2020 Thursday, January 16, 2020 11:02:00 AM CST January 16, 2020 in News
JEFFERSON CITY- State senators heard testimony on a bill Thursday morning that could give law enforcement a leg up in... More >>
20 hours ago Thursday, January 16 2020 Jan 16, 2020 Thursday, January 16, 2020 10:52:00 AM CST January 16, 2020 in News
MILTON, FL - Katie Prestesater, a native of Columbia, was recognized as the Naval Air Station Whiting Field Senior Civilian... More >>
21 hours ago Thursday, January 16 2020 Jan 16, 2020 Thursday, January 16, 2020 10:09:00 AM CST January 16, 2020 in News
JEFFERSON CITY - A total of $6 million is available for energy efficiency and renewable energy projects throughout the state,... More >>
21 hours ago Thursday, January 16 2020 Jan 16, 2020 Thursday, January 16, 2020 9:45:00 AM CST January 16, 2020 in News
WHITEMAN AIR FORCE BASE - A B-2 Stealth Bomber, supported by Team Whiteman’s maintenance Airmen and a ground crew of... More >>
22 hours ago Thursday, January 16 2020 Jan 16, 2020 Thursday, January 16, 2020 8:43:00 AM CST January 16, 2020 in News
ST. LOUIS (AP) - A man has been sentenced to more than four years in prison for robbing a St.... More >>
23 hours ago Thursday, January 16 2020 Jan 16, 2020 Thursday, January 16, 2020 8:06:00 AM CST January 16, 2020 in News
COLUMBIA - The Holiday Inn Expo Center will be bustling with diversity leaders and community members Thursday morning for the... More >>
1 day ago Thursday, January 16 2020 Jan 16, 2020 Thursday, January 16, 2020 4:30:00 AM CST January 16, 2020 in Top Stories
COLUMBIA - Faith Mejia's children know to drop to the ground whenever they hear gunshots. In 2019 alone, three homicides... More >>
1 day ago Wednesday, January 15 2020 Jan 15, 2020 Wednesday, January 15, 2020 9:15:00 PM CST January 15, 2020 in News
JEFFERSON CITY- Missouri Democrats disagreed with parts of Governor Parson's State of the State Address this afternoon. Democrats held... More >>
1 day ago Wednesday, January 15 2020 Jan 15, 2020 Wednesday, January 15, 2020 8:09:00 PM CST January 15, 2020 in News
JEFFERSON CITY- For the second time as governor, Mike Parson went before state lawmakers Wednesday afternoon to deliver the annual... More >>
1 day ago Wednesday, January 15 2020 Jan 15, 2020 Wednesday, January 15, 2020 6:06:00 PM CST January 15, 2020 in News
Columbia, MO
Broken Clouds 26°
8am 27°
9am 28°
10am 28°
11am 28°