The U.S. Supreme Court decision allowing states to collect taxes from online sales could generate hundreds of millions of dollars in tax revenue in Missouri, according to some estimates. But at least one state lawmaker wants to give that money back to Missouri taxpayers in the form of tax cuts, the Associated Press reports.
Sen. Andrew Koenig, R-St. Louis County, said he will sponsor a bill next year to use the online sales tax revenue to offset a proposed cut to Missouri’s individual income tax rate.
Republican elected officials in other states, including Wisconsin and Nebraska, have proposed similar moves in the wake of last month’s Supreme Court ruling.
For Missouri, the idea comes on the heels of a corporate income tax rate signed into law last month, and as the state awaits Gov. Mike Parson’s decision on another bill that would deepend an already planned individual income tax cut.