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Missouri House And Senate Pass Separate Tax Cut Bills - KOAM TV 7

Missouri House And Senate Pass Separate Tax Cut Bills

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Income taxes might drop in Missouri, but state lawmakers will have to act quickly.
The Missouri Senate and House have each passed different tax cut bills.  They face a Friday deadline to get one of the bills through both chambers.
Missouri senators Tuesday passed a stripped-down tax bill that would cut the individual income tax rate from 5.9 percent to 5.5 percent starting next year.
Under the bill, individual income taxes would eventually drop to 5.1 percent if the state meets revenue targets. It also would reduce a federal income tax deduction.
The House version had also included a 1.25 percent cut to the corporate tax rate, among other changes.
But bill sponsor and House Speaker Pro Tem Elijah Haahr on Tuesday said that chamber likely will support the Senate's pared-down plan.

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