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News Brief

June 5, 2013Jefferson City, MO |  By: AP

Missouri Taxes

Missouri Gov. Jay Nixon has raised concerns about legislation that would cut the state income tax.

Now, he's ready to do something about it. The Democratic governor says he plans to take action today on the legislation that he has previously indicated he likely will veto. The measure passed by the Republican-led Legislature would gradually cut individual and corporate income tax rates. It also would create a 50 percent deduction for business income that gets reported on individual tax returns. Nixon said a month ago that the tax cut could drain hundreds of millions of dollars from state services. Last week, Nixon raised additional concerns over an apparently inadvertent section that would repeal a sales tax exemption for prescription medicines. The governor says the repeal would cost consumers an estimated $200 million annually.