House Passes Business Income Tax Cut Legislation

Photo by Nicole Lunger
Photo by Nicole Lunger

The House passed two bills that include a 50 percent deduction for business income reported on individual tax returns, the centerpiece of a tax cut that Gov. Jay Nixon vetoed last year. Nixon won that battle when 15 House Republicans sided with the Democratic governor to sustain his veto.

Thursday, there was no GOP schism: 13 of the 14 remaining renegades supported both tax cut bills. One of the defectors was absent and one resigned last year. The bills passed on party-line votes of 106-49 and 106-47, with Republicans backing them and Democrats opposing them.

Nixon called the bills “fiscally irresponsible experiments that, combined, would funnel nearly a billion dollars out of our classrooms and other priorities.”

The bills now go to the Senate, which is likely to make substantial revisions before a tax cut goes to the governor.

Read more from the St. Louis Post-Dispatch

Tags:, , , , , , ,

Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students