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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.

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