The Missouri Senate voted 28-3 Thursday to lower the corporate tax rate from 6.25 percent to 3.5 percent. The proposal now heads to the House.
The bill would lower the corporate tax rate effective Jan. 1.
It would also restrict how corporations calculate their taxes, so that taxable income would only be based on a company's sales within the state. Currently, some corporations can consider other factors when calculating their taxes.
The bill's sponsor, Republican Sen. Andrew Koenig of Manchester, said his proposal would improve the state's business climate.
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