Quantcast

Missouri Lawmakers Pass Tax Cut Plan - KOAM TV 7

Missouri Lawmakers Pass Tax Cut Plan

Updated:

     Missouri lawmakers have passed an income tax cut for most Missourians.  Now they're racing to cut the corporate income tax rate before Friday's deadline.    
    House lawmakers voted 101-40 Thursday to give the measure final approval. If enacted, the bill would cut the top individual income tax rate from 5.9 percent to 5.5 percent in January 2019.
    Individuals' income tax rate would gradually drop to 5.1 percent if the state meets revenue targets. Federal tax deductions would be scaled back to make up for the loss in revenue.
    Fiscal estimates would put the price tag at $5.8 million once the measure is fully implemented in fiscal year 2023.
    
    Missouri lawmakers Thursday were still scrambling to cut corporate income taxes without blowing an estimated $52 million hole in the state budget.
    At issue is a Senate tax plan to cut the corporate tax rate from 6.25 percent to 3.5 percent. To offset the revenue loss, the proposal would change how businesses can calculate their taxable income.
    Earlier estimates projected the changes would mean close to $10 million more in revenue by fiscal year 2020.
    But House Budget Committee Chairman Scott Fitzpatrick on Thursday said the Revenue Department made a $60 million mistake in its calculations. Revised estimates put the cost at more than $52 million.
    The House instead voted for a 3.9 percent corporate tax rate Thursday, which Fitzpatrick said could cost as much as $15.4 million.

  • NewsMore>>

  • Arson Suspect Arrested in Miami, Oklahoma

    Arson Suspect Arrested in Miami, Oklahoma

    Wednesday, July 18 2018 4:47 PM EDT2018-07-18 20:47:50 GMT
    Anders Shoes (7/10/18)Anders Shoes (7/10/18)
    Anders Shoes (7/10/18)Anders Shoes (7/10/18)
    The Miami, Oklahoma Police Department makes an arrest in a recent arson case. On July 10th, 2018, Anders Shoes was destroyed in a suspicious fire. The store is one of Miami's oldest businesses. The store is owned by 103-year-old Dena Ander. The fire came after the store was burglarized on July 7th and again on July 9th. The store had also been recently vandalized. On July 17th, police arrested a 29-year-old in connection to the arson fire. Authorities say he became a person o...More >>
    The Miami, Oklahoma Police Department makes an arrest in a recent arson case. On July 10th, 2018, Anders Shoes was destroyed in a suspicious fire. The store is one of Miami's oldest businesses. The store is owned by 103-year-old Dena Ander. The fire came after the store was burglarized on July 7th and again on July 9th. The store had also been recently vandalized. On July 17th, police arrested a 29-year-old in connection to the arson fire. Authorities say he became a person o...More >>
  • Child Death Investigation in Jasper County, MO

    Child Death Investigation in Jasper County, MO

    Wednesday, July 18 2018 3:58 PM EDT2018-07-18 19:58:36 GMT

    The Jasper County Sheriff's Office investigates the death of a 3-year-old. On July 16th, 2018 just before 4:00 p.m., deputies were dispatched to the area of County Road 118 and Jolt lane. Authorities say the call was about a 3-year-old male that was found to be deceased. The investigation is ongoing and an autopsy has been scheduled. Sheriff Randee Kaiser says a preliminary investigation suggests that this was an accidental death. No other details have been released.

    More >>

    The Jasper County Sheriff's Office investigates the death of a 3-year-old. On July 16th, 2018 just before 4:00 p.m., deputies were dispatched to the area of County Road 118 and Jolt lane. Authorities say the call was about a 3-year-old male that was found to be deceased. The investigation is ongoing and an autopsy has been scheduled. Sheriff Randee Kaiser says a preliminary investigation suggests that this was an accidental death. No other details have been released.

    More >>
  • Miami Public Schools Adding 3 & 4 Year Old Classes: Impacting Local Daycare

    Miami Public Schools Adding 3 & 4 Year Old Classes: Impacting Local Daycare

    Wednesday, July 18 2018 2:59 PM EDT2018-07-18 18:59:40 GMT

    Miami schools is expanding its four year old pre-kindergarten program and adding a class for three year old children.  

    More >>

    Miami schools is expanding its four year old pre-kindergarten program and adding a class for three year old children.  

    More >>
Powered by Frankly

KOAM - Licensed to Pittsburg, Kansas
Send tips, ideas and press releases to: tips@koamtv.com
Send newsroom questions or comments to: comments@koamtv.com
Phone: (417) 624-0233 or (620) 231-0400
Web comments or questions: webmaster@koamtv.com
Newsroom Fax: (417) 624-3158

Powered by Frankly, Inc. All content © Copyright 2000 - 2018 KOAM. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.