Proposed Senate Bill Would Cut Corporate Income Taxes

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JEFFERSON CITY -  A Missouri Senate tax committee discussed a series of bills Thursday to cut corporate income taxes over the next few years. 

Senator Eric Schmitt's , R- St. Louis County, bill would cut the corporate income tax in half by 2017.  

The current tax rate for corporate income is 6.25 percent. Schmitt's bill would gradually decrease the rate each year until settling at 3.125 percent in 2017. 

Other bills propose cutting the corporate tax by less than half.

If passed, the bill would cut state revenue by tens of millions of dollars.