Kendrick gives insight on 2020 Missouri budget
COLUMBIA - The Columbia Chamber of Commerce held "Lunch with a Leader" Friday to highlight Rep. Kip Kendrick, ranking minority member on the House Budget Committee, and the 2020 fiscal year Missouri budget.
Kendrick gave insight on the challenges facing the state's current budget, and he also highlighted some opportunities, such as higher education, transportation and Wayfair, an internet tax service company.
"There are ways to grow revenue, and these are some of them," Kendrick said.
One issue, Kendrick said, is that there are a lot of new freshman legislators, and their first term will be difficult because there's a lot to learn.
"Two-thirds of the budget committee is brand new," Kendrick said. "And that creates a new dynamic."
Missouri's revenue estimate currently is negative eight percent, and Kendrick expects it to grow to one percent positive by next year. In order to solidify the rebound in growth, legislators will need to pay close attention to cash flow beginning in April.
Senate Bill 509, a bill currently under consideration, would create a new deduction for business income and reduce individual income tax rates by 0.5 percent
"The Senate Bill 509 has over 320 million dollars not being collected and that's an issue we need to resolve," said Kendrick.
Matt McCormick, president of the Columbia Chamber of Commerce, said, "It's important for our community to know what the budget committee is working towards and what solutions they have for our state."