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News Brief

Oct. 11, 2011MARYVILLE, MO |  By: Wayman

Missouri Business Taxes

The Missouri senate is back in session today, and is expected to take up a measure that could cut taxes for businesses in Missouri.

The proposal is one of 9 new amendments to a bill the house passed earlier 98 to 48. It would lower taxes for all Missouri Corporations, from 6 and a quarter percent to 5.5%, costing the state about 40 million dollars a year. House speaker Steve Tilley says the decrease would attract more jobs to the state.

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Critics argue there's nothing to stop corporations from using the tax break savings for profit sharing rather than creating jobs. Senate leadership say the bill from the house also needs sunsets on tax credits, something the house has already rejected.