The Missouri Supreme Court ruling that businesses’ out-of-state income cannot be taxed by the state is getting a “thumbs up” from the Missouri Chamber of Commerce. Governor Bob Holden has said he wants to close what he calls a business tax loophole he claims is costing the state much needed revenues. But, the Chamber’s Director of Fiscal Policy, Ray McCarty, says the decision is a good one. He adds implementing such a tax at this time when the economy is in recovery could be disastrous. The Court ruled income such as royalties paid to subsidiaries outside of Missouri cannot be taxed because they have no property, payroll, or sales in Missouri.
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