State Rep. Eric Burlison, R-Springfield, filed a bill Monday that would cut taxes on businesses 50 percent by 2017. The bill, House Bill 536, cuts business income taxes by 10 percent each year from 2013 to 2017.
The bill applies to all businesses reporting income on individual returns as well as corporate income tax, according to a statement from Burlison’s office.
Burlison, who has also introduced so-called right to work and paycheck protection legislation this session, said he sees those bills, along with the tax cut, helping create a business environment in Missouri that’s competitive with other states.
In the Senate, Eric Schmitt, R-Glendale, has also introduced a bill that would reduce business income tax burden by 50 percent in phases, until the full reduction is reached in 2017. A fiscal analysis of Schmitt’s bill shows the state would lose $200,605,417 in general revenue funds in fiscal year 2016 if the cuts are enacted.