The legislature has sent tax cuts for businesses and individuals to the Governor for his signature.
Missouri legislators have wrestled with tax cuts to compete with neighboring Kansas for two years, the goal being to attract and retain businesses and grow jobs. Rep. Andrew Koenig (R-St. Louis County) says Missouri is lagging behind in restructuring taxes to bolster the economy.
The bill would cut business taxes in increments over the next several years and only if the state’s general revenue fund could support them.
The bill’s sponsor, Rep. T.J. Berry (R-Kearney) says the Office of Administration would weigh general revenue amounts over three years before cutting the taxes, which would be reduced to a minimum of 50 percent.
Opponents of the measure say Medicaid expansion was denied by legislators on the premise that the state could not afford it, and that money would cut from education funding, but that those same lawmakers are supporting a bill that takes a huge bite out of state revenue.
AUDIO: Rep. Andrew Koenig talks about tax structures in neighboring states.