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May 16, 2018JEFFERSON CITY, Mo. | By: AP
Missouri senators have 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.
Senators voted 24-9 in favor of the measure Tuesday. Under that version, 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 the chamber likely will support the Senate's pared-down plan.
Lawmakers face a Friday deadline to pass the bill.