Income Tax Cut One Vote Away From Becoming Law

Nicole Lunger/Missouri Business Alert
Nicole Lunger/Missouri Business Alert

The Missouri Senate voted to override Gov. Jay Nixon’s veto of legislation that would cut the income tax rate in Missouri, and the House majority leader says they have enough votes to override the veto today.

Senate Bill 509 would phase in a reduction in the individual tax rate to 5.5 percent from the current 6 percent, while phasing in a 25 percent deduction on business income reported by individuals. Republicans argued the measure would help Missouri compete with Kansas and other nearby lower-tax states, while at the same time saying their proposal is better than what Kansas put in place because the tax cut would be phased in starting in 2017. Triggers would require at least $150 million in revenue growth for the tax cuts to take effect.

Read more from St. Louis Public Radio

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