Mo. House Backs Pair of Income Tax Cut Plans

6 years 5 months 2 weeks ago Wednesday, February 19 2014 Feb 19, 2014 Wednesday, February 19, 2014 5:57:00 PM CST February 19, 2014 in News
By: The Associated Press

JEFFERSON CITY (AP) - The Missouri House has endorsed a pair of tax cut plans that could reduce state revenues by hundreds of millions of dollars annually.

The bills given initial approval Wednesday in the Republican-led chamber could set up another showdown with Democratic Gov. Jay Nixon, who vetoed an income tax cut bill last year.

One of the bills could eventually cut taxes by $700 million annually. It would gradually reduce Missouri's top individual income tax rate to 5.3 percent from 6 percent and phase in a 50 percent deduction for business income reported on individual tax returns.

The other bill includes a similar business income deduction paired with a 50 percent cut in Missouri's corporate income tax rate. It's projected by legislative researchers to cost up to $347 million annually.

 

More News

Grid
List
COLUMBIA- Parents showed up to Tuesday afternoon to a special board meeting at the Columbia Public Schools Administration building over... More >>
29 minutes ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 9:26:00 PM CDT August 04, 2020 in News
JEFFERSON CITY, Mo. (AP) — The Latest on the Missouri primary election (all times local): 8:45 p.m. Republican... More >>
1 hour ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 8:06:00 PM CDT August 04, 2020 in News
COLUMBIA - Today is Missouri's Primary Election - voters cast their ballots Tuesday to determine party candidates for governor, U.S.... More >>
2 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 7:00:00 PM CDT August 04, 2020 in News
JEFFERSON CITY — A Columbia man pleaded guilty in federal court Tuesday of attempting to purchase with Bitcoin on the... More >>
4 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 5:42:02 PM CDT August 04, 2020 in News
(CNN) -- A massive explosion ripped through central Beirut on Tuesday, killing dozens of people, injuring thousands and blowing out... More >>
4 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 5:41:18 PM CDT August 04, 2020 in News
MISSOURI — As COVID-19 continues to spread throughout Missouri, state and local officials confirm new case counts daily. This... More >>
4 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 5:30:00 PM CDT August 04, 2020 in News
SEDALIA — The latest numbers from Pettis County show confirmed COVID-19 cases have increased over 88 percent in the last... More >>
5 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 4:15:00 PM CDT August 04, 2020 in News
COLE COUNTY- One woman was pronounced dead Tuesday morning after a serious two-vehicle crash. According to a Missouri State... More >>
5 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 3:58:00 PM CDT August 04, 2020 in News
The American Psychiatric Association defines depression as "a common and serious medical illness that negatively affects how you feel, the... More >>
6 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 3:00:00 PM CDT August 04, 2020 in A Brighter Tomorrow
COLUMBIA — It's primary day in Missouri, and voters are out in full at the polls. State auditor Nicole... More >>
7 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 2:18:00 PM CDT August 04, 2020 in News
COLUMBIA — Election workers have worked hard to ensure voter safety during the pandemic. Boone County election judge coordinator... More >>
7 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 2:05:00 PM CDT August 04, 2020 in News
COLUMBIA — The Southeastern Conference announced Tuesday adjusted dates for preseason football activity. The first allowable practice is now... More >>
7 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 1:59:40 PM CDT August 04, 2020 in News
JEFFERSON CITY — Missouri's Department of Elementary and Secondary education issued new guidance for the upcoming school year on Monday.... More >>
9 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 12:33:00 PM CDT August 04, 2020 in News
ST. LOUIS - Yadier Molina announced on social media on Tuesday he tested positive for COVID-19. In an Instagram... More >>
9 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 12:12:58 PM CDT August 04, 2020 in News
SPRINGFIELD, Mo. (KY3) - The last suspect in the killing of a transgender teen in Texas County is now on... More >>
10 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 11:27:28 AM CDT August 04, 2020 in News
KANSAS CITY (AP) — Health departments in at least 50 Missouri counties have not received any money from the... More >>
10 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 11:14:14 AM CDT August 04, 2020 in News
(Missourian) - One of Columbia’s two sales taxes for parks is scheduled to expire in 2022, so the conversation... More >>
11 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 10:44:13 AM CDT August 04, 2020 in News
As COVID-19 continues to spread, KOMU 8 will continue to update you about impacts in the community. You can... More >>
15 hours ago Tuesday, August 04 2020 Aug 4, 2020 Tuesday, August 04, 2020 6:09:00 AM CDT August 04, 2020 in News
Columbia, MO
Broken Clouds 64°
10pm 63°
11pm 62°
12am 61°
1am 60°